The U.S. Internal Revenue Service (IRS) has been saying for months that tax-exempt organizations will be using a revised Form 990 tax return for their tax year beginning in 2005. The IRS issued the revised Form 990 on October 7 in draft form for public comment. As exempt organizations consider the changes to the Form 990, they should bear in mind that all information included on the 990 is available to the general public.
Exempt organizations have been anticipating major changes to the Form 990, and in particular to the manner in which compensation and benefits of officers, directors, trustees and key employees must be reported. Following months of public disclosures of executive compensation scandals, U.S. Congressional hearings, enforcement actions and legislative initiatives, the IRS has stated that future 990s will require much more detailed reporting of executive compensation, deferred compensation and benefits. While the changes to the 2005 Form 990 do not constitute the major
