Posted by Saaib Uppal, CPA
In its latest “Exempt Organizations Update,” the Internal Revenue Service (IRS) listed significant changes to forms and instructions for the Form 990 series. Form 990, of course, is the required tax return for most tax-exempt organizations. It is an informational tax form and must be filed on an annual basis. If your organization is exempt from federal income tax under Internal Revenue Code section 501(a) and you are not exempt from filing, it is important that you remain up to date with these changes to ensure that your 2013 return is both accurate and in compliance.
The changes include those related to required documentation, terminology clarifications, information that must be reported, and more. The IRS-provided chart can be found here.
We recommend reviewing the chart and discussing any applicable topics with your CPA for clarification. Keep the consequences of not doing so in mind. The IRS has 990 changes, so be sure to read each one.