IRS Releases New 2005 Form 990 That Includes Some Significant Changes From The Previous Year

The Internal Revenue Service has recently released its new 2005 Form 990 that includes some significant changes from the previous year. Most notably, Part V of the form, regarding current officers, directors and key employees, has been renamed Part V-A, and it now includes four new questions:

1. the number of parties permitted to vote at board meetings;
2. whether key employees, officers, directors or highest paid professionals and independent contractors listed on Schedule A, are related, through family or business; 
3. whether key employees, officers, directors or highest paid professionals and independent contractors listed on Schedule A, received compensation from another organization (whether taxable or tax-exempt) that is related to the reporting organization through common supervision or control; and