EO Update November 10, 2004
Issue Number 2004-1
Welcome to EO Update, a new e-mail service for tax professionals and representatives of tax-exempt organizations.
Inside This Issue
- IRS Unveils Revised Form 1023, Application for Exemption Under Section 501(c)(3) of the Internal Revenue Code
- IRS Exempt Organizations Releases FY2005 Implementing Guidelines
1. IRS Unveils Revised Form 1023, Application for Exemption Under Section 501(c)(3) of the Internal Revenue Code
EO released the revised Form 1023 on Monday, November 1. The new form is the result of a two-year, collaborative effort with tax-exempt organizations, state charity officials and the IRS.
The goals of the revision are to respond to customer feedback that the application process is too lengthy and application too difficult to understand, and to capture more detailed information up front that will help identify potential abusive tax avoidance transactions.
Organizations applying for exemption are encouraged to file the revised form (dated October 2004) immediately; however, the old form (dated September 1998) will be accepted through May 1, 2005.
The revised form and instructionsare available via the IRS Charities and Nonprofits website now; printed copies will be available at the end of November by calling the IRS toll-free at (800) 829-3676.
2. IRS Exempt Organizations Releases FY2005 Implementing Guide
IRS Exempt Organizations released the Fiscal 2005 Implementing Guidelines on Monday, November 8. This report provides program guidance for implementing the Exempt Organizations portion of the TE/GE Strategic and Program Plan for fiscal year 2005.