IRS Issues Final Form 990 Rules

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September 9, 2011

The IRS has published final regulations that generally adopt the 2008 proposed and temporary regulations related to implementation of the redesigned Form 990. The final rules make permanent the revised threshold amounts for reporting compensation, eliminate the advance ruling process for new organizations, and implement a five-year public support computation period.

Most of the provisions in the final regulations have been in effect since the 2008 overhaul of the Form 990. The rules, however, include a few new and modified rules related to private foundations and definitions related to sponsoring organizations of donor advised funds.

The final regulations became effective September 8, 2011. Earlier this year, NACUBO submitted comments in response to Announcement 2011-36, which solicited comments about future changes to the Form 990. The final regulations do not address the specific areas included in the announcement.