Revised Instructions, Background Documents, and Filing Requirements Summary for the New 990
Revised InstructionsOn August 19, the IRS released all-but-final instructions for completing the new Form 990. The instructions incorporate changes made in response to comments from the public. Although the version currently posted on the IRS Web site is stamped "draft," the service does not expect to make substantive changes to the instructions. The final version will be released late this year.
Form 990 filers will be required to begin using the new return to report on fiscal years beginning on or after January 1, 2008.
More information on the Webinar >
Background DocumentsThe IRS released the following background documents with the revised instructions:
- Background Paper—Summary of Form 990 Redesign Process
- Background Paper—Forms 990, Moving from the Old to the New
- Background Paper—Changes to April Draft Instructions
Filing Requirements SummaryTo ease the transition to the new 990, the IRS is phasing in the return's introduction over three years. For the 2008 tax year (i.e., fiscal year begins on or after January 1, 2008), filing requirements for most organizations are:
- Form 990—organizations with gross receipts greater than or equal to $1 million AND/OR total assets greater than or equal to $2.5 million
- Form 990-EZ—organizations with gross receipts of more than $25,000 but less than $1 million AND total assets of less than $2.5 million
- Form 990-N—gross receipts normally less than or equal to $25,000
- Memorandum on how the IRS will analyze political campaign activities involving Web sites of section 501(c)(3) organizations
- Educational resources on 501(c)(3) organizations and political campaign activities
- Guidelines and explanatory materials related to applications for 501(c)(3) status by organizations that sponsor donor-advised funds
- New edition of Publication 1828, Tax Guide for Churches and Religious Organizations
- Request for comments on the Exempt Organizations Voluntary Compliance Program (EOVCP)
© 2008, Philanthropic Research, Inc. (GuideStar)
Suzanne Coffman is GuideStar's director of communications and editor of the Newsletter.