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Irs 1023-ez Form: What You Should Know

July 2018). 1 If the organization does not apply for exemption under Section 501(a) or (c), you may use Form 1023 to apply for recognition of the exemption under Section 501(c)(3), or (d), (g), (h), or (j). 2 This information in the form is a snapshot of this year's applications for tax-exempt status under Section 501(c)(3) of the Internal Revenue Code.  Form 1023-EZ is for corporations. Form 1023-EZ is for unincorporated organizations. However, if the organization is an individual, you may also use Form 1023 in lieu of Form 1023. Form 1023-EZ is also for trusts. Form 1023-EZ is for trusts, provided that the granter trusts are a sole proprietorship or some other type of business organization (including partnerships or sole proprietorship). Form 1023-EZ is for partnership trusts. Form 1023-EZ is for an IRA trustee for purposes of determining section 501(c)(3) status. If you are not seeking recognition of an IRS exemption as a Section 501(c)(3) organization, you must use a Form 1023 for the tax-planning purposes discussed later. Required Items You must report on your form 1023-EZ the following: The applicant's name and address. The IRS address for the organization. If the IRS has approved or denied a tax-exemption renewal application for the organization, attach the following: Application for Tax Exemption Renewal (A) The organization's proposed organizational name for filing Form 1023-EZ. The proposed name must not be inappropriate under the Internal Revenue Code. (B) The type and purpose for which the organization expects to continue to be exempt under section 501(c)(3) of the Internal Revenue Code once the application is approved or denied. The proposed name of the organization's executive committee. If the applicant proposes to use a partnership, trust, or S corporation as its executive committee, attach the following: Form W-2 of the partnership, trust, or S corporation. Form W-2 from a partnership, trust, or S corporation that is the executive committee of the proposed organization. Copy of any other Form 1023-EZ, including a tax-exempt organization form, that the applicant will use.

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FAQ - Irs Form 1023-ez

How do you 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. mailing address in the United States.
How much does it cost to file a 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.
How long does it take for the 1023-EZ to be approved?
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.
What is a Form 1023-EZ?
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. Any organization may file Form 1023 to apply for recognition of exemption from federal income tax under section 501(c)(3).
How much does 1023-EZ cost?
The user fee for Form 1023-EZ is $275. The user fees must be paid through Pay.gov when the application is filed.
What is the difference between a 1023 and 1023-EZ?
Form 1023 is the application filed with the IRS in order to request exempt status under Section 501(c)(3). A new Form 1023-EZ was released in July 2023 to help smaller organizations seeking exempt status. Upon approval, the organization will receive a determination letter from the IRS.
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