Friday, May 9, 2014

NASCO Objects to Proposed Form 1023-EZ

Map_of_USA_with_state_names_2.svgThe National Association of  State Charity Officials has submitted comments to the Treasury Department objecting to the proposed IRS Form 1023-EZ.  The form would permit certain types of nonprofits with relatively low expected annual revenues and total assets to submit a streamlined application for recognition of exemption under IRC § 501(c)(3).  NASCO reiterated concerns expressed in the 2012 Report of Recommendations by the Advisory Committee on Tax Exempt and Government Entities (ACT), in which ACT recommended against the development of such form because it viewed any benefits from doing so as being "outweighed by the loss of educational value to the applying organization and the loss of effectiveness to the IRS."

Lloyd Mayer

http://lawprofessors.typepad.com/nonprofit/2014/05/nasco-objects-to-proposed-form-1023-ez.html

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