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Form 990: 2013 Significant Changes
The IRS has released the 2013 filing instructions for Form 990 - Return of Organization Exempt From Income Tax. While much of the form remained consistent with the prior year, there are several clarifications that were made. Most of these clarifications will not result in a change in reporting, as they do not change the prior reporting requirements. A few highlights to be aware of include the following:
Part IV
- Line 2 - Checklist of Required Schedules: Clarifies when an organization can exclude from Schedule B contributors that fall below the greater-than-$5,000/2% threshold. An organization filing Schedule B can limit the contributors it reports on Schedule B using the greater-than-$5,000/2% threshold only if it meets the 33 1/3 support test in either the current or the past year (not the 10% facts and circumstances test) or if it is in its first five years of existence. If these prerequisites are not met, the organization must report all donors over $5,000.
Click here to read more on the big changes of Form 990. |
IRS Uses Form 990 Information to Help Enforce Compliance
Tax exempt organizations supply a wealth of information to the IRS when they file Form 990. The form underwent a significant transformation in 2008 with the intent to promote transparency and compliance. The IRS is taking the information provided in the Form 990 to develop indicators for noncompliance, which are then used in the examination process.
Click here to learn more about how the IRS uses Form 990. |
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New "Super-Circular" - What You Need to Know Now
At the end of December, the White House Office of Management and Budget (OMB) and the United States Chief Financial Officers Council - Council on Financial Assistance Reform (COFAR) announced seemingly sweeping reforms of federal grant operations.
The goal of the reform is to streamline and improve administration of federal grant operations from application to 'close-out,' modernize and improve cost accounting and focus the single audit to where there is the most need for improvement.
Click here to learn more. |
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Quick Survey: Board Engagement
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