Tax Tip of the Week | No. 365 | More Good News for Nonprofits

Tax Tip of the Week | July 27, 2016 | No. 365 | More Good News for Nonprofits

Several months ago in TTW #318 we discussed the new rules which make it much easier for nonprofit groups to achieve tax-exempt status.On July 1, 2016  the IRS decreased the user fee for processing Form 1023-EZ, Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, from $400 to $275.The streamlined application and reduced user fee is limited to those organizations with annual gross receipts of $50,000 or less and assets of $250,000 or less.Give us a call if you have ever thought about starting a nonprofit organization.You can contact us in Dayton at 937-436-3133 and in Xenia at 937-372-3504.  Or visit our website.Rick Prewitt – the guy behind TTW...until next week.