Madeline SchwartzAn Introduction to the New IRS Form 990
October 9th 2009 12:32
In an effort to reflect the significant changes that have occurred in the nonprofit sector and to address the increased demand for transparency and accountability, the IRS has completed a revision of the reporting form that tax-exempt organizations are required to file each year. Grantees will find this information useful when filing their 990 Forms. The redesigned Form 990 will be phased in over a three-year transition period.
For the first time since 1979, the IRS has completed a significant overhaul of the reporting form tax-exempt organizations are required to file each year. The redesigned Form 990 was officially released on December 20, 2007, approximately six months after the IRS introduced a draft version of the form and solicited comments from the public. Returns filed for the tax year 2007 will still use the current form, with the new form coming into use beginning with returns filed for tax year 2008.
The general purpose of the redesign was to update the Form 990 to reflect the many significant changes that have occurred in the nonprofit sector over the past 28 years, specifically addressing the increased demand for transparency and accountability.
Learn More
The IRS plans on releasing draft instructions for the revised Form 990 sometime in the first quarter of 2008. In the meantime, GuideStar representatives will be speaking at conferences around the country on the changes to the Form 990 and what they mean to nonprofits.
Take a look at an overview of the changes to the Form 990 at Really Long Link
View the revised Form 990 and new schedules at Really Long Link
· Really Long Link
For the first time since 1979, the IRS has completed a significant overhaul of the reporting form tax-exempt organizations are required to file each year. The redesigned Form 990 was officially released on December 20, 2007, approximately six months after the IRS introduced a draft version of the form and solicited comments from the public. Returns filed for the tax year 2007 will still use the current form, with the new form coming into use beginning with returns filed for tax year 2008.
The general purpose of the redesign was to update the Form 990 to reflect the many significant changes that have occurred in the nonprofit sector over the past 28 years, specifically addressing the increased demand for transparency and accountability.
Learn More
The IRS plans on releasing draft instructions for the revised Form 990 sometime in the first quarter of 2008. In the meantime, GuideStar representatives will be speaking at conferences around the country on the changes to the Form 990 and what they mean to nonprofits.
Take a look at an overview of the changes to the Form 990 at Really Long Link
View the revised Form 990 and new schedules at Really Long Link
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