IRS Issues New Rules on Disclosing Charity Income

By Elizabeth Schwinn

The Internal Revenue Service has released rules that explain how charities should put into practice a new law that requires them to publicly report income they receive that is not related to their missions.

Under the Pension Protection Act, which became law last August, all charities for the first time are required to publicly disclose their "Exempt Organization Business Income Tax Return," known as the Form 990-T. The law covers forms filed with the revenue service after August 17,