New Charities To Get Speedy Treatment From IRS | AccountingWEB

New Charities To Get Speedy Treatment From IRS

In light of recent terrorist attacks and the quantity of new organizations wishing to provide relief to victims, the Internal Revenue Service has announced plans to streamline the process by which organizations can achieve tax-exempt status.

Newly-formed charity organizations wishing to apply for tax-exempt status must still fill out Form 1023, Application for Recognition of Exemption from Federal Income Tax Under Section 501(c)(3) of the Internal Revenue Code. To expedite the application process, organizations should write "Disaster Relief, Sept. 11, 2001" across the top of the application, and include a cover letter explaining the circumstances justifying the request. The explanation should include mention of the recent disaster as well as the reason for urgency in processing the application.

A new IRS publication, Disaster Relief, Providing assistance through charitable organizations, is available on the IRS Web site. The publication will be available in print soon.

Wait, there's more!
There's always more at AccountingWEB. We're an active community of financial professionals and journalists who strive to bring you valuable content every day. If you'd like, let us know your interests and we'll send you a few articles every week either in taxation, practice excellence, or just our most popular stories from that week. It's free to sign up and to be a part of our community.