beware the ez way out

irs mulls new 1023-ez rules for 501(c)(3)’s.

by rick telberg
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it’s safe to say that cpa firms tend to love irs form 1023-ez, the simplified form for application for 501(c)(3) tax exempt status. introduced in 2014, the form was ez on the nascent, smallish not-for-profit and on the cpa trying to help them get started.

special report – fixing the irs: irs #fails at online services spell problems for professionals | tax accountants fill the breach of a failing irs | beware the ez way out | can the irs improve its phone service? | when clients face ‘unreal’ irs audits | irs warns about private debt collectors for tax season 2018  | underfunded irs swamped with problems | irs in retreat from communities | military personnel face new battles at home: the irs | as new economy surges, irs falls further behind | is the irs winning the battle against identity theft? | irs mulls raising fees to cover budget shortfalls  |

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this easier version of form 1023 was a good and necessary idea. the irs was way backed up on approvals of the original application. approval was taking an average of 315 days. to the delight of do-gooders, wanna-be do-gooders, and outright frauds, virtually all 1023-ezs are approved in short order. approvals were and still are passed down in just a couple of weeks.

trouble is, a lot of those expedited approvals were for organizations that didn’t qualify for 501(c)(3) status.