IRS Form 990 UPDATE

May 27, 2008 - 8:42am — administrator

The IRS Form 990, the non-profit organization’s tax filing form, is undergoing a major overhaul this year. The last significant revisions to the form were made in 1979, so all people involved with tax-exempt organizations need to take a good long look at the changes and become familiar with them.

One major impact is the length of the form – the 2007 version consisted of nine pages with two schedules; the redesigned form is 11 pages long with 16 schedules. Other changes include reporting on the details of the non-profit’s governance, management, and internal policies (such as document retention/destruction and conflict of interest).

How serious an impact do you see the redesign of the Form 990 having on tax-exempt organizations? In what ways are you preparing to ensure compliance with the filing of the revised Form 990?

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