Final Form 990 Instructions Released

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August 19, 2008

The Internal Revenue Service has completed the final instructions for the redesigned Form 990, effective for tax year 2008. The final instructions are available on the IRS web site with line-by-line tips and examples to assist filers while completing the expanded form.
In addition, the new instructions contain a "sequencing list" to help institutions and organizations determine the order in which to complete various portions of the form, such as:

revised general and specific instructions for the core form and schedules;
a glossary of terms;
a compensation table to help organizations determine where and how to report types of compensation paid to officers, directors, trustees, key employees and highest compensated employees;
new appendices for reporting requirements; and
guidance regarding group returns and for organizations to report activities conducted indirectly through joint ventures and disregarded entities.

NACUBO’s Tax Council and other members of the tax-exempt community have been actively involved in providing comments to revise and redesign the instructions.

For the full comment letter click here.

The IRS expects to release instructions to the 2008 Form 990-EZ, Short Form Return of Organization Exempt from Income Tax, in the next few weeks.

NACUBO contact Mary M. Bachinger, director, tax policy