According to the Wall Street Journal, the IRS is planning to solicit public comment on the current state of the 15-page, 100-question form for a three-month period beginning in June.
The report said that IRS officials are planning to create a form that is more logically organized, containing a main section with questions about an organization’s revenues, liabilities and programs. Beyond that, additional schedules will provide information on certain charitable activities such as lobbying. Still in its early stages, the information requested as part of the revamped form will still fall short of the kind of details required from public companies.
Sunday, May 13, 2007
WebCPA Redesign for Form 990 on the Way -- Lately, for at least the past year, the IRS has been setting up guidance for the nonprofit sector, which is sort of fat and juicy and wild and wooly these days. Guidance precedes audits and fishing expeditions. There are all sorts of things coming up addressing fiduciary issues, conflict-of-interest policies, and whistleblower policies. Now, the 990 form is getting a makeover to control shifting from regular operational expenses to programs to make it look as though the nonprofit is doing more good for the public than it actually is. Keep on an eye on these developments. They will have a huge impact.