Nonprofit Tax-Exemption Approvals Double, Thanks to Simplified Form

The IRS approved 94,365 applications from organizations seeking 501(c)(3) designations in fiscal year 2014, more than double the number approved in the previous two years. The one-year jump was due to the introduction of an alternative, three-page electronic version of the 26-page form 1023, the IRS said in its 2014 Data Book, an annual report released Tuesday. The electronic option, 1023-EZ, first became available in July 2014 and provides a streamlined way for organizations with annual gross receipts of less than $50,000 to apply for tax-exempt status.