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Business and Policy Areas
Business and Policy Areas
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IRS Issues New Guidance on Form 990-T Disclosure

May 14, 2008

The IRS has published guidance related to the recent requirement that section 501(c) organizations make their unrelated business income tax returns (Form 990-T) available for public disclosure. Notice 2008-49 clarifies that organizations are only required to disclose those returns and attachments that relate to the imposition of the unrelated business income tax (UBIT).

Prior to the enactment of The Pension Protection Act of 2006 (PPA), exempt organizations were only required to publicly disclose annual information returns, such as the Forms 990 and 990 PF. The PPA added a new requirement that Forms 990-T, the annual return related to the imposition of tax on unrelated business income, be made available for public inspection and copying.

Initial guidance on the requirement, IRS Notice 2007-45, explained that Forms 990-T must be publicly disclosed in their entirety as filed with the IRS, including all schedules, attachments, and supporting documents.

Late last year, a technical corrections bill to the PPA was signed into law, narrowing the 990-T disclosure requirements to the annual return and any schedules or documents "relating to imposition of tax on unrelated business income."

Notice 2008-49 announces this clarification of the law. Schedules, attachments, and other documents filed with Form 990-T that do not related to the imposition of UBIT are not required to be made available for public inspection and copying. This means that non-UBIT-related schedules and attachments (such as Form 5471, Form 8886, and Form 8913) do not have to be disclosed.