Full Newsletter   Newsletter Archives



Printable version 

The  new revisions effective for 2008 filings of Form 990 – Tax Return for Exempt Organizations, not only focuses on additional information intended to enhance transparency of the organization's operations for both the IRS and the public, but has increased the roles and responsibilities of their trustees.   

Some of these changes that require the action of trustees:

·      Review and approval of the organization's 990 prior to filing the return with the IRS

·      Review and approval of reasonable compensation packages for their executives.  The determination of that compensation needs to be in writing including information on compensation paid for comparable positions.

·      Approval of governance policies regarding conflicts of interest, whistleblowers and document retention and destruction.

Now is the time to evaluate your organization's needs to insure compliance before January 1, 2009. 

Obtain a free worksheet to help by visiting the Rea & Associates web site at www.reacpa.com/new990.

-       By Maribeth Wright, CPA (Cambridge office)


 Save article  Email Firm  Email to a Friend
Is this item worthy of implementation? Yes No Maybe
Is this item worth sharing with other associates? Yes No Maybe
Did this item present value to you and your business? Yes No Maybe
Comments:

We take great care in the preparation of our articles and announcements. We also have a process of reviewing articles when major changes take place. The business, legal and tax climate is constantly changing especially when reviewed on an industry basis.

It may be very important to consult with us or your Investment Advisor before implementing ideas contained in articles and announcements. Many ideas have complexities and nuances that cannot be adequately detailed in the articles or announcements. We are not responsible for errors, misinterpretations or omissions related to these articles or announcements. Nor are we responsible for the applicability to your personal, business or tax situation.

Pursuant to Circular 230 promulgated by the Internal Revenue Service, if this email, or any attachment hereto, contains advice concerning any federal tax issue or submission, please be advised that it is not intended or written to be used, and that it cannot be used, for the purpose of avoiding federal tax penalties unless otherwise expressly indicated.