IRS issues draft filing instructions

May 1, 2008

In advance of next year's tax-filing season, the IRS has released a set of draft instructions to guide nonprofits through the new Form 990.

The new form, released late last year, will take effect in 2009 and cover the 2008 tax year.

The IRS is asking nonprofits for comments through June 1 on the draft instructions, and has highlighted particular sections on which it would like feedback from the sector.

The draft includes a general overview of the new Form 990, details on which organizations are required to file, and detailed guidelines for completing each section of the form.

In response to public comments submitted during the drafting of the new form, the IRS has added new tools as well, including a glossary of terms, a table detailing how to report compensation, and guidance on the order in which to complete the form.

Public comments should be emailed to the IRS at Form990Revision@irs.gov.

For further guidance on navigating the new Form 990, see PJ's recent Q&A with Chicago lawyers Thomas Chomicz and Elaine Waterhouse Wilson.

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