Form 990 overview, forms on Web

Filed under: Banking & Finance,Daily News |

The 2008 Form 990 is now available on the Internal Revenue Web site.

Organizations will begin using the new Form 990 for the 2008 tax year but must continue to use the current form for the 2007 tax year.

The new Form 990 consists of an 11-page core form that must be completed by each filer. In addition, the forms require reporting of information only from those organizations that conduct particular activities.

Suggestions made about a preliminary draft of the form prompted a number of changes to the final form. Among the major changes made according to those comments include:

  • A revised summary page that eliminates the ratios, percentages, and other metrics included in the draft, and incorporates a two-year summary of financial information
  • A new checklist of schedules that shows what an organization must complete
  • More opportunity to provide supplemental information
  • Retention of group return filings for organizations with a group exemption ruling
  • Revised governance and compensation sections
  • Modified schedules for hospitals, tax-exempt bonds, non-cash contributions, and supplemental financial statements