Think Again, if you want to be a nonprofit anytime soon!
Get Started Sooner rather than Later so you can Start Applying for Grants as soon as possible! Many of our clients have heard of CyberAssist, a new way that the IRS is planning to make applying for 501c3 status easier by having an online filing option. This is exciting to all of us and we look forward to the day when we can use it, but don’t hold your breath. This year they announced that the filing fee will be greatly reduced for those who file online. Online filing using what the IRS is calling their “Cyber Assistant” will have a fee of only $200. That’s $650 less than the typical $850 most nonprofit organizations have to pay to get 501c3 status.
While this appears to be a compelling reason to wait to file for 501c3 status, the truth is waiting could lead to serious delays that your organization simply cannot afford. Time is money and every month you spend not applying for 501c3 status is another month that you cannot apply for grants or offer tax deductions to your donors.
The public was told in 2007, 2008, and 2009 to expect the Cyber 1023, and when the IRS announced the reduced fee last year, many were hopeful that this would be the year where they’d finally be able to file online. Unfortunately, on May 7, 2010, the IRS announced again that the unveiling would be postponed again.
We should not expect to see the online form 1023 application for tax exemption during this 2010 calendar year. We’re hopeful on behalf of all of our clients and all those good people starting nonprofit organizations that this will change in 2011, but we cannot recommend that anyone count on it.
When CyberAssist does come online, you can rest assured that our firm will be one of the early adopters of online filing to save your organizations time and money, We will be here to guide our clients through the process from start to finish. For now, avoid unnecessary and costly delays and get started now by calling our legal assistants at 800-928-4161.