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Aug 21

IRS Revises 2008 Form 990 Instructions

The IRS released revised instructions for filling out the redesigned Form 990 (Return of Organizations Exempt from Income Tax), which must be filed starting with tax year 2008 (filed in 2009), thus impacting nonprofit healthcare organizations. Some of the major features of the new form, which had not been significantly revised since 1979, are (1) a new governance section; (2) enhanced reporting of executive compensation and the organization’s relationships with insiders and other organizations; and (3) new reporting for noncash contributions, foreign activities, tax-exempt bonds, and hospitals. The IRS expects to release instructions for the 2008 Form 990-EZ (Short Form Return of Organization Exempt from Income Tax) in the next few weeks. To view the redesigned form and instructions, go to www.irs.gov/charities/article/0,,id=181089,00.html

About Reed Tinsley, CPA

As a top advisor to physicians, I help increase practice profits by delivering hands-on, expert medical accounting/tax support, practice counsel, and revenue-building strategies. Read more →