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ARTICLE · 25 MARCH 2010

New IRS Form 990 Stresses Compliance

McGuireWoods LLP
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For nonprofits on a calendar year, May 15th is right around the corner. The IRS reminded organizations of their responsibilities in I.R. 2010-3.

United StatesTax
Milton Cerny
Milton Cerny

For nonprofits on a calendar year, May 15th is right around the corner. The IRS reminded organizations of their responsibilities in I.R. 2010-3.

The IRS made substantial and significant changes to Form 990 in 2008 since it was last redesigned more than 30 years ago. The IRS has made further revisions to the 2009 Form 990 and its instructions as explained in "2009 Form 990 – Significant Changes" released on February 15, 2010.

The purpose of the new Form 990 is to obtain substantial information on how tax-exempt organizations are operated; enhance transparency; and promote compliance by ensuring that Form 990 accurately reflects the organization's operations and use of assets enabling the IRS to more efficiently assess any risk of noncompliance. Nonprofits should treat the preparation of the new Form 990 as if it were a compliance audit.

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