IRS Releases Draft of Form 990 Instructions

This just in from our colleagues at Independent Sector:

"The Internal Revenue Service has released draft instructions to the revised Form 990 information return that most public charities, as well as other tax-exempt organizations, will be required to file annually beginning in 2009.

"The instructions offer new tools, examples, a glossary, and comprehensive line-by-line directions, all designed to promote uniform, accurate, and complete reporting.

"The IRS is requesting comments from nonprofit organizations on all aspects of the draft instructions, including suggestions that might further reduce complexity or burdens. The comment period is open until June 1, 2008. The IRS has highlighted items in the instructions on which it would especially like to receive public comments. The IRS is particularly interested in comments on the definitions contained in the glossary and elsewhere in the instructions and on new or significantly revised areas such as compensation, governance, foreign activities, disregarded entities and joint ventures, group returns, hospitals, and tax-exempt bonds. It is also seeking, for Part III of the form, examples of program service accomplishments for specific sub-sectors...."

-- Mitch Nauffts