How long does it take to complete Form 1023?
If you file Form 1023, the average IRS processing time is 3-6 months. Processing times of 9 or 12 months are not unheard of. The IRS closely scrutinizes these applications, as the applicants are typically large or complex organizations.
How much does it cost to file a 1023 with the IRS?
The user fee for Form 1023 is $600. The user fee for Form 1023-EZ is $275. The user fees must be paid through Pay.gov when the application is filed.
How long does it take for the 1023 EZ to be approved?
2-4 weeks
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.
Do I 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.
How many pages is 1023?
As stated in another answer, IRS Form 1023 is 29 pages long, plus required schedules and attachments. While every organization does not have to complete every page, a typical application package is between 50-100 pages of material.
Do you have to file Form 1023 every year?
Your nonprofit does not need to file Form 1023 with the IRS if its annual gross receipts are normally less than $5,000. A nonprofit does not need to have less than $5,000 in gross receipts every year to pass this test. It can earn more in some years and still qualify.
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 2014 to help smaller organizations seeking exempt status. Upon approval, the organization will receive a determination letter from the IRS.
Who can file a 1023?
Who can file Form 1023? To qualify as tax exempt under IRS Section 501(c)(3), an organization must be organized and operated exclusively for charitable, religious, and/or educational purposes set forth in section 501(c)(3), and none of its earnings may inure to any private shareholder or individual.