Friday, June 15, 2007

Updated IRS Form 990 on the Way

The Internal Revenue Service has just released a draft Form 990; its first update in over a quarter-century. Acting IRS Commissioner Kevin Brown says that the revised form (and related forms and schedules) is designed to make the financial results of exempt (nonprofit) entities more transparent. Most nonprofits will see little impact, but the new Form 990 means that larger and more complex exempt entities may require additional filing effort. A comment period is available until mid-September.

The new form is probably a positive, as long as "new and improved" does not parallel some consumer products and mean increased costs and taxes.


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