Sharron O'Donnell, CPA
Senior Manager and Director, Not-for-Profit Services

Scott Usher, MST, CPA
Senior Manager, Tax Services

Wait long enough and all things become new again. Last month, after a six-month public comment period, the Internal Revenue Service released its revised Form 990, Return for Organizations Exempt From Income Tax.

According to the IRS, the new Form 990 was necessary to "reflect the way this growing sector operates in the 21st Century." As a result, there were three goals or guiding principles for the redesign: enhancing transparency, promoting tax compliance, and minimizing the burden on the filing organization.

The new form is required for 2008 tax returns--filed in 2009--although there is a three-year transition period for smaller organizations.

Click Full Article to learn more about changes to Form 990 and related filing requirements.