Is your organization interested in getting 501c3 status for tax-exempt organizations? The IRS recently made that a lot easier to do. We'll talk about that next. An OS CPA spotlight is joined today by author and CPA Carol Top Carol. Thanks for joining us today. You're welcome. Tell us about form 1023. It's and it's a new form released by the IRS called the streamlined application for 501 C tax-exempt status. And it's wonderful. It's only three pages long makes applying for 501c3 status much quicker much easier for small organizations who qualify. Who needs to know about this? Obviously small startup nonprofits can benefit by using this form and the IRS defines small as gross revenues less than $50,000 a year. So that would be usually a new organization a small one applying for C 3 status, but it's also really helpful for CPA's to know about this because we're frequently serving on nonprofit boards or were active in the community, and we might need to tell that coach of your child's a small sports team you know what you need to get tax-exempt status, and it's easier, and I can help you. Was this I mean why the need was this a big problem? It was a huge problem the IRS had a huge backlog of tax-exempt applications. 60,000 applications were in their backlog, and it was taking 1215 months for organizations to get through the process. And it was the same form for everybody. Even the IRS Commissioner John Tolkien said this is this just doesn't make sense for small organizations to go through the same long laborious process that large organizations go through. How much easier will it make this process? It's its tremendous. I brought an example of before the forum. 10:23 easy. It came out this was the application I had to...
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How to prepare Form 1023-EZ Reinstatement Instructions
About Form 1023-EZ Reinstatement Instructions
Form 1023-EZ Reinstatement Instructions are guidelines for nonprofit organizations that have had their tax-exempt status revoked and need to reinstate it. This form is specifically for smaller nonprofits that previously used Form 1023-EZ for their initial application for tax-exempt status. The instructions provided with Form 1023-EZ Reinstatement outline the steps necessary for the nonprofit to qualify for reinstatement, including submitting a completed Form 1023-EZ with the appropriate fees, providing a statement explaining why their tax-exempt status was revoked, and making sure their organization meets all the qualifications for tax-exempt status. Nonprofit organizations that have had their tax-exempt status revoked and previously used Form 1023-EZ for their initial application will need Form 1023-EZ Reinstatement Instructions.
What Is Form 1023-EZ Reinstatement Instructions
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