Nonprofits that plan to accomplish as a 501(c)(4) amusing abundance alignment charge book a new anatomy with the Internal Revenue Service (IRS) while fees for a new automated appliance for tax-exemption accept been cut by a third.
The user fee for Anatomy 1023-EZ, the appliance for acceptance of absolution beneath 501(c)(3) of the Internal Revenue Code, alone from $400 to $275, as of July 1. The Anatomy 1023-EZ was revised aftermost year and is now is aloof three pages continued compared with the abounding Anatomy 1023, which is 26 pages.
The changes were fabricated to try to annihilate a excess of some 170,000 applications for tax-exemption in 2014, although not afterwards some alarm from assemblage like the National Council of Nonprofits and National Association of State Charity Officials.
Most organizations with gross receipts of $50,000 or beneath and assets of $250,000 or beneath are acceptable to book the 1023-EZ. Federal agencies are appropriate to analysis user fees every two years to actuate whether they are convalescent the abounding amount of assertive casework and if a user fee should be charged. The IRS afresh completed its 2015 biennial review, which bent the amount of accouterment some casework added while others decreased.
Organizations gluttonous to be 501(c)(4) amusing abundance organizations will be appropriate to book new Anatomy 8976, “Notice of Intent to Accomplish Beneath Section 501(c)(4),” as of July 8, 2016.
Section 506 was added to the Internal Revenue Code (IRC) afterwards access in December of the Protecting Americans from Tax Hikes (PATH) Act of 2015. The new aphorism applies to 501(c)(4) organizations formed afterwards Dec. 18, 2015. Organizations are not appropriate to abide the notification if they activated for a assurance letter or filed a Anatomy 990 afterwards Dec. 18, 2015, but on or afore July 8, 2016. For organizations that don’t authorize for this relief, acting regulations additionally accommodate for a alteration aphorism that extends the due date of notification until Sept. 6, 2016.
Form 8976 can alone be completed and submitted electronically. Organizations charge acquaint the IRS aural 60 canicule of accumulation and a $50 fee charge be submitted via Pay.gov to complete the process. Organizations that filed a Anatomy 990 or Anatomy 1024 gluttonous a assurance letter on or afore July 8, 2016, are not appropriate to book the notification.
Organizations that do not abide the notification aural 60 canicule may be accountable to a amends of $20 per day for anniversary day it’s not submitted, up to a best of $5,000.
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