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Wednesday, September 07, 2005

Exempt Organizations Assisting Katrina Relief

Donors to organizations that have their exempt §501(3) status recognized by the IRS receive income tax deductions for those contributions. For most organizations, this requires that the organization file a Form 1023, and then await IRS processing and eventual recognition of status.

While promising expedited review of applications of charities newly established to meet needs of those affected by Hurricane Katrina, the IRS suggested support be directed to existing exempt organizations that might be better able to deliver relief most efficiently. Form 1023 should be marked as specified to receive priority IRS attention for exempt status. (IR 2005-93)

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