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The IRS Form 990 was extensively revised for 2008 in order to promote more uniform reporting by exempt organizations. As December 31, 2009 year-end organizations prepare to file their 2009 form, here is a brief listing of some of the more commonly applicable changes.
1. Rather than writing a letter to the IRS’ Exempt Organizations Determination office, not-for-profit organizations must now report significant changes in program services in Part III of the 990. Likewise, significant changes to its organizational documents are no longer reported in a letter to EO Determinations, but on Part VI and in Schedule O of the 990.
2. Part VI – Clarifies that, if two officers, directors, trustees or key employees of the filer serve in similar positions with another tax-exempt organization, that involvement does not create a reportable business relationship between the two.
3. Part VII - The current five highest compensated employees that must be reported in the Section A table do not include officers, directors, trustees or key employees.
4. Part VII - If a person is a key employee for only part of the tax year, the filer must report that person’s entire compensation for the calendar year ending with or within the tax year.
5. Part VII - Clarifies that the filer must report all compensation paid by a related organization during the calendar year to listed persons, even if the other organization was related for only a portion of the tax year.
6. Part VII – Clarifies (in compensation table) that employee deferrals to 401(k) and 403(b) plans must be reported in Part VII, columns (D) and (E), and in Schedule J, column B(i).
7. Schedule B, Schedule of Contributors – explains that the filer should specifically identify a donor, rather than reporting the donor as anonymous, if the filer knows the donor’s identity.
Visit www.irs.gov, click the Charities & Non-Profits tab, and then 2009 Form 990 – Significant Changes for all the current year changes.
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