Friday, May 15, 2009
Today is the deadline for filing the new Form 990for tax-exempt organizations with a calendar fiscal year (and that were above the revenue/asset filing thresholds for 2008). While many organizations will undoubtedly take advantage of the ability to receive an automatic 3-month extension by filing Form 8868, today will likely see the first big group of filings for the redesigned Form 990. The IRS has made available both a a list of filing tips relating to executive compensation, as well as a Form 990 Preparation Checklist. There are also numerous articles focusing on particular parts of the new form in publications such as the Exempt Organizations Tax Review, Taxation of Exempts (full disclosure: I am the co-editor-in-chief of this publication), and other tax and nonprofit publications, and further information is available from a wide variety of sources including GuideStar, regional nonprofit associations, and various exempt organization practitioners.