IRS Seeks Comments on Form 990 Instructions

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April 16, 2008

The instructions for the redesigned Form 990 that institutions or their foundations will file for the 2008 tax year have been published for public comment. The redesigned and greatly expanded Form 990 and accompanying schedules were finalized on December 20, 2007.

The Service, in an effort to gather input from organizations that are transitioning to the new reporting regime, is soliciting comments from the exempt organizations community on the draft instructions that will accompany the new core form and schedules.

The draft instructions are organized with a general overview for each form, along with line-by-line instructions to help in answering each question. Also included are a glossary of terms, and a compensation table to assist organizations in determining how and where to report items of compensation, along with examples.

Comments must be submitted to IRS no later than June 1, 2008.