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ARTICLE · 03 JULY 2007

Draft Of Redesigned Form 990 Released By The IRS

Duane Morris LLP
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On June 14, 2007, the IRS released to the public for comments its long-awaited wholesale revision of the Form 990 information return. The IRS announced that the redesign of Form 990, the required annual information return for most tax-exempt entities, was based upon three guiding principles.

United StatesTax
Duane Morris
Duane Morris
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Comment Period Ends September 14, 2007

On June 14, 2007, the IRS released to the public for comments its long-awaited wholesale revision of the Form 990 information return. The IRS announced that the redesign of Form 990, the required annual information return for most tax-exempt entities, was based upon three guiding principles:

  • enhancing transparency

  • promoting tax compliance

  • minimizing the burden on filing organizations

Some will question whether the third guiding principle has been achieved.

Comments on the redesigned Form 990 are due no later than September 14, 2007. The IRS anticipates using the redesigned Form 990 for the 2008 tax year, so returns filed in the year 2009 will need to be filed on the redesigned form if the target date is met.

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