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August 19, 2008

IRS Plans to Issue Details Today on New Charity Tax Form

The Internal Revenue Service today is expected to release the final version of the instructions for the new Form 990 informational tax form. The form is the key document charities fill out to disclose information to the tax agency and the public.

The instructions correspond with the redesigned Form 990, which takes effect for the 2008 tax year. The redesign is the first major overhaul of the form in 25 years.

The IRS released a draft version of the instructions in April.

It then solicited public comments on the instructions, with the goal of incorporating some of the recommendations into the final rules.

Many charity leaders, lawyers, and accountants have been anticipating the release of the instructions, which are the key to understanding how to fill out the updated Form 990.

The Chronicle will post links to the new instructions when they are released and will offer analysis of what the instructions mean for nonprofit groups that are required to fill out the new form.

— Peter Panepento

Tuesday August 19, 2008 | Permalink

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