Form 990 Revision Resources
Listen to the Podcast about
the redesigned Form 990
Provided by Price Waterhouse Cooper
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This presentation features Howard Schoenfeld and Laura Parillo of PWC's Washington/National Tax Services Exempt Organizations Practice Group. Howard and Laura highlight some of the key features of the redesigned form and outline the important steps nonprofit organizations should be taking now to prepare for the new form.
The new form and its schedules, as well as a lot of other information about the changes to the 990 is available at: www.irs.gov/eo.
FORM 990 REDESIGN
Getting a Head Start
"For many nonprofits, the new 990 represents a triple threat," says Kristen Conte, Meyer Foundation Vice President for Finance and Administration. "It will take more time to prepare, it requires you to provide the IRS with more information about your operations and governance structure, and it may raise costs of accountants and others who help you with the form."
Having systems and procedures in place now will ensure that you are prepared next spring when you’ll be filling the form out for the first time. We've compiled some resources that we think will be helpful for you in understanding the new 990.
Learning Opportunities
Thursday, July 9, 2009
The New Form 990: How to be Prepared for the Changes
This Center for Nonprofit Advancement course will review the filing thresholds for the 990N and 990EZ and how these thresholds will change over the next three years. It will also highlight selected line-items within the form and the corresponding 16 schedules that could possibly be required for your organization. Learn more.IRS Form 990
The IRS has released the new Form 990: http://www.irs.gov/pub/irs-pdf/f990.pdf (PDF)
IRS Form 990-N
Small tax-exempt organizations whose annual gross receipts are normally $25,000 or less may be required to electronically submit Form 990-N, also known as the e-Postcard, if they elect not to file Form 990 or Form 990-EZ.
- Visit the IRS website to e-file your Form 990-N. http://www.irs.gov/charities/article/0,,id=169250,00.html
- Visit Guidestar to learn more about the Form 990-N and why it is important for your tax exemption status: http://www.guidestar.org/news/features/half_a_million.jsp?source=jan09nwsltr
Other Resources
About.com has a resources section devoted to the new form.
The DC Bar Pro Bono Program provides free webinars, email legal alerts, resources on the new Form 990, free legal counsel to nonprofits, and more through their Community Economic Development Project. Their websites, www.LawHelp.org/dc and www.ProBono.net/dc contain specific content for the most common legal situations encountered by nonprofit groups.
Idealist.org has an FAQ on the new Form 990.
The Independent Sector has an instructional telecast and FAQ section.
IRS Resources Includes FAQs and a simplified overview of the new form.
Maryland Nonprofits explains how to answer the new question 7B of the Form 990:
Stayexempt.org (An IRS-run website for nonprofits) offers online training on how to fill out the new form.
The Wallstreet Journal explains the background of the new changes.