Final Instructions to New Form 990 Released
| August 28, 2008 |
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By Monica Gianni and Thomas C. Schroeder
The Internal Revenue Service (IRS) released Final Instructions to the redesigned Form 990 (Return of Organization Exempt from Income Tax) on August 19, 2008. This is the first major overhaul since 1979 of the information return filed annually by most exempt organizations. The IRS has also released three papers that provide background on and the rationale for the redesign of Form 990, a comparison between the old Form 990 and the new one, and an overview of the specific changes the IRS made to the draft instructions released in April.
This advisory includes a summary of the Final Instructions, a discussion of the redesigned Form 990 and the practical implications for most exempt organizations. Continue reading...
