{"id":707,"date":"2020-01-31T16:56:29","date_gmt":"2020-01-31T16:56:29","guid":{"rendered":"https:\/\/ayoub-associates.com\/blog\/?p=707"},"modified":"2020-01-31T16:56:36","modified_gmt":"2020-01-31T16:56:36","slug":"irs-revises-form-1023-applying-tax-exempt-status","status":"publish","type":"post","link":"https:\/\/ayoub-associates.com\/blog\/irs-revises-form-1023-applying-tax-exempt-status\/","title":{"rendered":"IRS revises Form 1023 for applying for tax-exempt status"},"content":{"rendered":"<p>IR-2020-25, January 31, 2020<\/p>\n<p>WASHINGTON \u2014 As part of an ongoing effort to improve service for the tax-exempt community, the Internal Revenue Service has revised Form 1023 to allow electronic filing for the first time starting later this month.<\/p>\n<p>To help charities apply for Section 501(c)(3) tax-exempt status, the IRS has revised Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, and its instructions.<\/p>\n<p>&#8220;Filing electronically reduces errors, and we believe this will help provide a smoother application process for those seeking tax exemption,&#8221; said Tammy Ripperda, Commissioner of the IRS Tax Exempt and Government Entities division. &#8220;As we&#8217;ve seen with the 1023-EZ, we believe this change will help with application processing time and help with our wider efforts to improve our work with the tax-exempt community.&#8221;<\/p>\n<p>The IRS expects the electronic Form 1023 benefits to mirror those realized when Form 1023-EZ went online in 2014. IRS statistics show the 1023-EZ improved application processing time for both the Form 1023 and 1023-EZ while maintaining similar approval and rejection rates between the two forms.<\/p>\n<p>Beginning January 31, 2020, applications for recognition of exemption on Form 1023 must be submitted electronically online at\u00a0<a title=\"Pay.gov website\" href=\"https:\/\/pay.gov\/public\/home\" data-entity-substitution=\"pup_linkit_media\" data-entity-type=\"media\" data-entity-uuid=\"643372e6-cc41-4cfc-8199-8c588dc78a2c\">Pay.gov<\/a>. The IRS will provide a 90-day grace period during which it will continue to accept paper versions of Form 1023 (Rev. 12-2017).<\/p>\n<p>The required user fee for Form 1023 will remain $600 for 2020. Applicants must pay the fee through\u00a0<a title=\"Pay.gov website\" href=\"https:\/\/pay.gov\/public\/home\" data-entity-substitution=\"pup_linkit_media\" data-entity-type=\"media\" data-entity-uuid=\"643372e6-cc41-4cfc-8199-8c588dc78a2c\">Pay.gov<\/a>\u00a0when submitting the form. Payment can be made directly from a bank account or by credit or debit card.<\/p>\n<p>Updates about Form 1023 can be obtained by subscribing to\u00a0<a title=\"Exempt Organizations Update\" href=\"https:\/\/www.irs.gov\/charities-non-profits\/current-edition-of-exempt-organizations-update\" data-entity-substitution=\"canonical\" data-entity-type=\"node\" data-entity-uuid=\"025561a4-62a8-46b6-8db7-5b005423d20d\">Exempt Organizations Update<\/a>, a free e-Newsletter from the IRS Exempt Organizations&#8217; office. EO Update provides information on tax policy, services and information that&#8217;s important to tax-exempt organizations including:<\/p>\n<ul>\n<li>News releases from the IRS related to exempt organizations<\/li>\n<li>New forms, guidance and other publications<\/li>\n<li>Changes and additions to the\u00a0<a title=\"IRS Charities and Nonprofits\" href=\"https:\/\/www.irs.gov\/charities-and-nonprofits\" data-entity-substitution=\"canonical\" data-entity-type=\"node\" data-entity-uuid=\"1db2952e-bec4-4725-9662-1f4e11dc7c38\">IRS Charities and Nonprofits<\/a>\u00a0webpage<\/li>\n<li>Upcoming IRS training and outreach events<\/li>\n<\/ul>\n<p>Additional information on how to apply for IRS recognition of tax-exempt status is available:<\/p>\n<ul>\n<li><a title=\"Applying for Tax-Exempt Status\" href=\"https:\/\/www.irs.gov\/charities-non-profits\/applying-for-tax-exempt-status\" data-entity-substitution=\"canonical\" data-entity-type=\"node\" data-entity-uuid=\"604da756-2110-4848-bb5c-2b6264aea099\">Applying for Tax-Exempt Status<\/a>\u00a0on IRS.gov<\/li>\n<li><a title=\"Form 1023 Electronic Filing Overview presentation\" href=\"https:\/\/www.stayexempt.irs.gov\/home\/starting-out\/starting-out\">Form 1023 Electronic Filing Overview presentation<\/a>\u00a0on StayExempt.irs.gov<\/li>\n<li><a title=\"Applying for 501(c)(3) Status course\" href=\"https:\/\/www.stayexempt.irs.gov\/home\/starting-out\/applying-section-501c3-status\">Applying for 501(c)(3) Status course<\/a>\u00a0on StayExempt.irs.gov<\/li>\n<\/ul>\n<p>https:\/\/www.irs.gov\/newsroom\/irs-revises-form-1023-for-applying-for-tax-exempt-status<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>IR-2020-25, January 31, 2020 WASHINGTON \u2014 As part of an ongoing effort to improve service for the tax-exempt community, the Internal Revenue Service has revised Form 1023 to allow electronic [&hellip;]<\/p>\n","protected":false},"author":88892,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,1,3],"tags":[],"class_list":["post-707","post","type-post","status-publish","format-standard","hentry","category-business","category-general","category-tax-tips"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IRS revises Form 1023 for applying for tax-exempt status - Ayoub Sidhum &amp; Co.<\/title>\n<meta name=\"description\" content=\"Ayoub and Associates CPA Firm is a full service Corona CPA firm that provides services in accounting, tax preparation and planning, IRS audit, and sales tax. 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