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Form 1023-EZ First Year Report

Form 1023-EZ First Year Report-2025

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The document provides an executive summary and analysis of the first year of use of IRS Form 1023-EZ, a simplified application for smaller organizations seeking federal tax exemption under section 501(c)(3). It highlights improvements in customer satisfaction, reduced processing times, and a high approval rate (95%) for applications. The report discusses compliance checks, rejection reasons, and plans for future enhancements to the form and process to further reduce taxpayer burden and improve efficiency.

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What is the highest compensated employee on Form 1023?

Part V of Form 1023 asks questions about compensation and other financial arrangements with officers, directors, trustees, highest compensated employees (receiving more than $100,000 annually) and highest compensated independent contractors (receiving more than $100,000 annually), along with certain other related

Can Form 1023-EZ exceed $50 000?

If applying for Section 501(c)(3) recognition, to be eligible to use Form 1023-EZ, you must attest: your annual gross receipts did not exceed $50,000 in any of the past 3 years and/or you project that your annual gross receipts will not exceed $50,000 in any of the next 3 years; and.

Who is eligible to use Form 1023-EZ to apply for an exemption?

Specifically, applicant organizations must satisfy the IRS definition of small. That means they must: Anticipate less than $50,000 in annual gross receipts each year for the first 3 years, and. Have already had less than $50,000 in annual gross receipts for all 3 prior years (if any), and.

When to file 1023 vs 1023-EZ?

The key difference between the 1023 and 1023-EZ are the length of time each takes to complete, the target audience of each form, and the flexibility that each form provides. Since the 1023-EZ can only be filled out by organizations with less than $250,000 in total assets, the 1023-EZ is catered toward small nonprofits.

What happens if I use Form 1023-EZ and bring in more than $50,000?

In the event that you exceed the $50,000 threshold, the IRS can retroactively revoke your organizations 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.

What is the income limit for a nonprofit organization?

Nonprofits with annual revenue of less than $200,000 and assets valued at less than $500,000 may file the Form 990-EZ, or may elect to file the Form 990. Nonprofits with annual revenue of $500,000 or more must file the Form 990.

What is the income limit for 1023-EZ?

Form 1023-EZ is a new, streamlined, online form created by the IRS for smaller organizations that wish to apply for federal tax-exempt status under Internal Revenue Code Section 501(c)(3), and anticipate receiving $50,000 or less in annual gross receipts.

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

On average, the IRS is currently processing Form 1023-EZ in 2-4 weeks. If your 501(c)(3) application is approved, you will receive a Determination Letter in the mail as confirmation.

Form 1023-EZ First Year Report-2025

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