| Industry: Not-for-Profit - Major Changes to Form 990 |
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In December 2007, the IRS released a redesigned version of the Form 990. This is the first major revision of the Form 990 since 1979. For most organizations, this new form and related schedules must be used for the 2008 tax year, i.e., returns filed in 2009. However, the IRS has established a graduated transition period for organizations with gross receipts under $1 million as well as new schedules for tax-exempt bonds and hospitals. This revision has been expected. As discussed in the fall 2007 issue of Horizons, the IRS issued a draft of the proposed revision on June 14, 2007, with a 90-day comment period. The IRS received nearly 3,000 pages of comments related to the draft. Based on these comments and input from numerous nonprofit experts and state regulators, the IRS changed some of the proposed revisions to the form. The IRS believes this input helped create a final form that achieves its guiding principles of transparency, compliance and burden minimization. For additional details, our most recent “Focus on Not-for-Profits” e-newsletter, and a copy of the revised Form 990, visit our Web site, www.rubinbrown.com.
Questions? Contact:
Partner-In-Charge
Not-for-Profit Services Group
314-290-3496
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| Horizons Magazine |
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Horizons Magazine
Spring 2008
Visit the Resource Center to access past issues of Horizons Magazine, as well as a variety of other articles and topics of interest. |
