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Implementation of Form 990; Final Rule

Federal Register, September 9, 2008, Page 52527-52555

Agency

Internal Revenue Service (IRS), Treasury.

Action

Final and temporary regulations.

Summary

This document contains final and temporary regulations necessary to implement the redesigned Form 990, ``Return of Organization Exempt From Income Tax.'' The final regulations contained in this document make only nonsubstantive revisions to comply with Federal Register requirements. The temporary regulations make revisions to the regulations under section 6033 and section 6043 to allow for new threshold amounts for reporting compensation, to require that compensation be reported on a calendar year basis, and to modify the scope of organizations subject to information reporting requirements upon a substantial contraction. The temporary regulations also eliminate the advance ruling process for new organizations, change the public support computation period for organizations described in sections 170(b)(1)(A)(vi) and 509(a)(1) and in section 509(a)(2) to five years, consistent with the revised Form 990, and clarify that support must be reported using the organization's overall method of accounting. All tax-exempt organizations required under section 6033 of the Internal Revenue Code (Code) to file annual information returns are affected by these temporary regulations. The text of these temporary regulations also serves as the text of the proposed regulations (REG-142333-07) published in the Proposed Rules section in this issue of the
Federal Register.

Dates

Effective Date: These regulations are effective on September 9, 2008. Applicability Date: These regulations apply to taxable years beginning on or after January 1, 2008.

Further Information

Terri Harris at (202) 622-6070 (not a toll-free number).

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