Tuesday, April 8, 2008
The IRS announced yesterday that it has posted draft Instructions to the new form 990. The comment period is open until June 1, 2008. The IRS has prepared "highlights lists," available with the instructions, that identify items in the instructions about which the IRS would particularly like to receive comments.
The IRS says that the instructions contain a number of tools that should make the new 990 easier to understand and easier for an organization to complete: a glossary, a sequencing list, a compensation table, and illustrative examples. The IRS also hopes to promote more uniform reporting through the changes.