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IRS Requests Comments on Form 990

June 13, 2011

As the second filing year for the revamped and expanded Form 990 comes to a close, the IRS is seeking input on select issues related to the form and certain schedules.  According to Announcement 2011-36, the major redesign of the form is complete, but in an effort to make is easier to understand, the Service continues to refine it based on questions and comments from filers.

 The topics IRS is seeking feedback on include:

• reporting of compensation, thresholds in particular
• revenue from government units
• net asset reconciliation
• reporting on audited financial statements
• identifying foreign grantees on Schedule F
• reporting bank deposits as loans or business transactions on Schedule L
• reporting component parts of community trusts
• scope of related organizations reporting on Schedule R

NACUBO, working with members of the Tax Council and the Accounting Principles Council, is preparing comments to submit by the August 1 deadline.

Contact

Mary Bachinger
Director, Tax Policy
202.861.2581
E-mail