A proposed new “EZ” appliance anatomy for 501(c)(3) tax-exempt cachet would booty acutely beneath accomplishment to complete and acceleration processing time, says the IRS. The bureau is accepting comments on the anatomy until April 30.
Faced with a excess of applications and beneath assets to get them processed,the Internal Revenue Service is proposing a acutely automated Anatomy 1023-EZ for assertive groups applying for 501(c)(3) tax-exempt status.
The Anatomy 1023-EZ would acquiesce charities to abstain the best Anatomy 1023 if they accept anniversary revenues of beneath than $200,000 and assets beneath than $500,000. The two-page abstract Anatomy 1023-EZ is out for accessible animadversion until Wednesday, April 30. The best Anatomy 1023 is currently 25 pages and takes 101 hours on boilerplate to complete.
The IRS estimates that about 17 percent of 501(c)(3) applicants anniversary year will be able to use the beneath form, which it says will booty about 14 hours to complete.
The IRS receives about 60,000 applications for tax absolution a year, according to the 2013 anniversary abode of its Taxpayer Advocate Service (TAS), with 80 percent of those actuality applications for 501(c)(3) status. Automatic revocations, which action back a tax-exempt alignment fails to book a Anatomy 990 advice acknowledgment for three after years, accept added addition 50,000 requests for acknowledgment to the Exempt Alignment unit’s workload.
“Its account excess now stands at about 66,000 cases, added than the cardinal of antecedent applications it usually receives in an absolute year, four times the 2010 level, and added than amateur the 2011 level,” TAS reported.
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