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December 21, 2007
Accountant Offers Glowing Reviews of New 990
The Internal Revenue Service on Thursday released its final draft of the redesigned Form 990.
Jack Siegel, an expert on nonprofit accounting, says the new form is a big step forward.
Mr. Siegel has devoted three posts on his blog, Charity Governance, to breaking down the pros and cons of the revamped form, which many groups will have to file starting with the 2008 tax year.
His major gripe: The form fails to present financial information in a format similar to what is found on most standard nonprofit balance sheets.
But, over all, Mr. Siegel — who has provided the IRS with scores of suggestions about the form since the tax agency released its first draft in June — said he is pleased with the final results.
“Everybody will have their gripes, but on the whole, the IRS did a marvelous job of integrating the sector’s comments into final product,” Mr. Siegel writes. “To some extent, the devil will be in the instructions. That is where terms used on the form will be defined.”
The IRS plans to release the instructions in early 2008.
What do you think? Did the IRS hit the mark with the new Form 990? Or does the new form have flaws? Click on the comments link below this post to share your thoughts.
Commenting is closed for this article.
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