IRS to revise 1023-EZ form

The IRS will revise the charitable tax exemption application for small organizations, according to a report in the Bloomberg BNA Daily Tax Report.

It will add questions to the Form 1023-EZ on gross receipts and asset values to ascertain whether the organization meets the qualifications for filing — having and expecting income of less than $50,000 a year for the first three years and having assets of less than $250,000.  It will also add a field to report the mission and significant activities of the organization.