July 11, 2014

On July 1, 2014, the Internal Revenue Service (“IRS”) released the much anticipated Form 1023-EZ, a shorter application that provides a quicker, more streamlined process for smaller organizations applying for recognition of exemption under Section 501(c)(3) of the Internal Revenue Code (the “Code”).

The IRS also released Revenue Procedure 2014-40, which details the procedures for using the Form 1023-EZ, and final and temporary regulations to allow for a new, streamlined 501(c)(3) application. This should be a welcomed procedure for smaller charitable organizations and grant-making entities waiting for potential grantees to obtain recognition of their tax-exempt status.

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