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In its Report of Recommendations, an IRS advisory panel has recommended that Form 1023 be updated for the first time since 2006.

IRS Recommends Revamp of Form 1023

  • 6/20/2012

IRS Recommends Revamp of Form 1023

In its Report of Recommendations, an IRS advisory panel has recommended that Form 1023 be updated for the first time since 2006. Form 1023 is used by organizations to file for recognition as tax exempt under Section 501(c)(3).

The current Form 1023 is used by all organizations seeking recognition as tax exempt. The Advisory Committee on Tax Exempt and Government Entities (ACT) recommends that the form be redesigned to be more like Form 990, with a core form that all applicants complete, and a series of schedules that organizations fill out depending on their activities. The panel also recommends that electronic filing be included in the update.

The ACT report provides four objectives for redesigning Form 1023:

  • To improve the effectiveness of the form at identifying whether organizations meet the requirements for 501(c)(3) tax exemption
  • To be more consistent with the Form 990
  • To be simplified by using a short core form and supplemental schedules
  • To be educational by organizing questions based on substantive exemption requirements

More than 55,000 organizations seek 501(c)(3) tax status each year.

This and other recommendations are contained in Report on Recommendations from ACT, which was released June 6, 2012.