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

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Reed Tinsley CPA

This article is written by Reed Tinsley, a Houston, TX-based CPA with over 30 years of experience advising physicians and medical practices across Texas and the United States. Reed holds certifications as a Certified Valuation Analyst (CVA), Certified Healthcare Business Consultant (CHBC), and Certified Financial Planner (CFP), specializing exclusively in the healthcare sector. He is a published author, nationally recognized speaker, and trusted advisor to physicians on accounting & tax, practice management, and financial planning. Schedule a Free Consultation.