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New Form 990 Will Greatly Expand Reporting Requirements for Nonprofits

New Form 990 Will Greatly Expand Reporting Requirements for Nonprofits

New Form 990 Will Greatly Expand Reporting Requirements for Nonprofits

It still offers an important public relations opportunity, but many Boards will have to adopt new policies to look good

The Internal Revenue Service has recently released a draft of detailed instructions for the new Form 990 tax information return that many public charities and other tax-exempt organizations will have to file next year.  (IR-2008-60.) 

The Form significantly expands the reporting requirements and the Boards of many organizations will want to adopt new policies and procedures so that their returns will portray the organization in the most favorable light possible.

The basic Form 990 has not been significantly revised since 1979 and, according to the IRS, “is universally regarded as needing major revision.”  It has “failed to keep pace with...

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