Revised IRS Form 990 Imposes Significant New Reporting Requirements
After a lengthy comment process, the IRS has released a substantially revised Form 990, the annual information return completed by tax-exempt organizations. The new 11 page "core form" and 16 separate schedules require significantly greater disclosure than the previous Form 990. For example, the revised form asks detailed questions about governance procedures and policies, compensation amounts and procedures for current and former employees and board members, and "private use" of facilities financed by tax-exempt bonds.
The new Form 990 must be completed for tax years beginning in 2008, so now is the time to learn the form's specifics and begin putting systems in place to gather the required information.