Wednesday, September 24, 2008
Jon Barry Forman has published an op-ed piece entitled IRS lets the sun shine on tax-exempt organizations, The Journal Record, September 22, 2008, at 6A. Here is an excerpt:
Unlike tax returns filed by individuals, the tax returns filed by these 500,000 tax-exempt organizations are open to public inspection. That way, we get to see what benefits these organizations provide in exchange for their privileged tax-exempt status. Form 990 has not been overhauled since 1979, and, according to the IRS, the old form “no longer adequately served the Service’s tax compliance interests or met the transparency and accountability needs of the states, the public, and communities served by the organizations.” The new Form 990 requires tax-exempt organizations to provide more information about their governance, executive compensation, and relationships with insiders and other organizations.