What is the difference between a 1023 and 1023-EZ?

What is the difference between a 1023 and 1023-EZ?

The terms “us” and “we” refer to the Internal Revenue Service. Form 1023-EZ is the streamlined version of Form 1023, Application for Recognition of Exemption Under Section 501(c) (3) of the Internal Revenue Code. Only certain organizations are eligible to file Form 1023-EZ (see Who Can File This Form, below).

How much does it cost to file 1023-EZ?

The user fee for Form 1023-EZ is $275. The user fees must be paid through Pay.gov when the application is filed.

What happens if I use Form 1023-EZ and bring in more than $50000?

In the event that you exceed the $50,000 threshold, the IRS can retroactively revoke your organization’s 501(c)(3) status if you are unable to make a persuasive case that you met the Form 1023-EZ eligibility criteria at the time you applied.

Do I qualify for 1023-EZ?

Basic Eligibility Requirements for the 1023-EZ gross income under $50,000 in the past 3 years. estimated gross income less than $50,00 for the next 3 years. fair market assets under $250,000. formed in the United States.

How long is 1023-EZ good for?

three consecutive years
The IRS automatically revokes the tax exempt status of organizations that fail to file the applicable 990 return for three consecutive years. Once tax exempt status is revoked, an organization must file a new Form 1023 application in order to obtain reinstatement of its tax exempt status.

How many pages is the 1023-EZ?

3 pages
Form 1023-EZ (sample) is an online form that is 3 pages long. It requires no narrative responses and consists of mostly check box attestations.

How long does it take for the 1023-EZ to be approved?

about 2-4 weeks
The average processing time for Form 1023-EZ is about 2-4 weeks. By contrast, Form 1023 can take between 3 and 6 months for processing, and it could take up to a year.

Can you accept donations without 501c3?

Can You Accept Donations Without 501(c)(3)? A charitable organization is always able to solicit for public donations, but the caveat is that while you don’t need a 501(c)(3) tax exempt status to take donations, you DO need this for a donor to receive a tax deduction for their donation.

How long does it take for a 1023-EZ to be approved?

What documents are needed for 1023-EZ?

Among the 26 qualifications necessary to use Form 1023-EZ:

  • Projected annual gross receipts must not exceed $50,000 in any of the next 3 years.
  • Actual annual gross receipts must not have exceeded $50,000 in any of the past 3 years.
  • Total assets must not exceed $250,000.