Revised Form 990 to be Released in December 2007
This month, the IRS will publish the final draft of the Form 990 informational tax return filed by nonprofit organizations, which will be open to public comment, but only on whether there are mistakes on the form, according to Senior Tax Law Specialist Robert Fontenrose speaking at the Western Conference on Tax-Exempt Organizations. In addition to previously announced changes, Fontenrose stated that the IRS is eliminating some portions of the form that require personal identifying information, changing many of the form's attached schedules, and creating a new schedule, Schedule O, for filers to provide supplemental information. Asserting that the IRS lacks the authority to redact from public view information about international activities, he said that the Service is granting transition relief for 2008 by allowing organizations to disclose only the region, as opposed to country, in which grants have been awarded. Fontenrose said the IRS is adding a new question to the schedule on compensation (Schedule J) about "interesting expense arrangements," which will ask about "club dues, travel arrangements, and personal residence arrangements." Finally, he also announced that the revised instructions to the form will be released for full public comment in spring 2008.                              Source: Tax Analysts