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New Form 1023 Adds Many Questions Focusing on Currently Hot Issues

New Form 1023 Adds Many Questions Focusing on Currently Hot Issues

New Form 1023 Adds Many Questions Focusing on Currently Hot Issues

IRS says answers will reduce need for follow-up and speed decisions on applications for exemption

The IRS has released a revised Form 1023 Application for Recognition of Exemption of charities that it says will require additional effort on the part of the applicant but will reduce the need for follow-up correspondence and speed the time for determination. It focuses heavily on current hot-button issues of potentially abusive transactions and situations, including compensation, conflict of interest relationships, donor advised funds, membership benefits, and operations abroad.

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