Saturday, December 22, 2007

THE REVISED 990: IT'S HEEEERE!

You've been waiting for it (dreading it?) and now it's here. Get ready, the IRS has announced the release of the revised Form 990 (complete with schedules A - R)! How many years have we been hearing the rumblings about excessive compensation? about professional fundraisers? about risk management? about enhanced transparency? Well, the pavement has met the road folks. Read the IRS announcement here.
Effective for the 2008 tax year (returns filed in 2009), the revised form will be phased in over a three year period for smaller organizations.
The revision reflects many changes since the draft was released (the IRS received more than 650 public comments!!!)

For the 2008 tax year (returns filed in 2009), organizations with gross receipts over $1.0 million or total assets over $2.5 million will be required to file the Form 990. For the 2009 tax year (returns filed in 2010), organizations with gross receipts over $500,000 or total assets over $1.25 million will be required to file the Form 990... Also, starting with the 2010 tax year, the IRS will increase the filing threshold for organizations required to file Form 990-N (the e-postcard) from $25,000 to $50,000.

You can find the 2008 Form 990, comments, etc. on the IRS Charities and Nonprofits web site.


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