Midwest In-House: Donn Herring on News/RS Forms for Non-Profits
IRS adopts new tax form for non-profit organizations
The Internal Revenue Service in December 2007 released a redesigned version of its Form 990, which is the primary tax return for non-profit organizations.
The redesigned Form 990 imposes a significant increase in the amount and the detail of information reported to the IRS by non-profit organizations. As a result, leaders in the nonprofit sector will need to carefully review the redesigned Form 990 in order to determine how the new reporting requirements will impact their organizations, the actions taken by their organizations in achieving their missions and the manner in which their organizations documents these actions.