IRS Releases Draft Instructions to Revised Form 990
April 22, 2008
On April 7, 2008, the Internal Revenue Service (IRS) released draft instructions to the revised Form 990 income tax return and requested public comment by June 1, 2008. The draft instructions may be accessed here. Exempt organizations will use these instructions in completing their annual informational returns beginning in fiscal year 2008. Similar in form to instructions used for years past, these draft instructions provide general Form-wide instructions and specific line-by-line instructions. In addition, the draft instructions include a glossary of terms, sequencing lists (which help determine the order for filling out the Form) and compensation tables (which help determine how and where to report items of compensation). The IRS’s stated goal for these instructions is to make the annual reporting obligation more logical and user friendly for organizations, and to promote uniformity.
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