The IRS has redesigned Form 990, which is the annual information return all tax-exempt entities must file with the IRS. The redesigned form (the "New Form 990"), which is currently still in draft form, must be used beginning in tax year 2008, to be filed in 2009 and later years.
Failure to properly complete the New Form 990 could result in penalties and fines from the IRS. Tax-exempt organizations should take steps now to ensure they are prepared to comply with the new requirements.
Jackson Walker's Health Care and Tax law specialists have created a thorough summary of the significant changes to the form, with a particular focus on the changes that deal with governance, management, and disclosure. The summary also provides specific suggestions for tax-exempt organizations on preparing for these changes.
To obtain a copy of this summary, free of charge, please contact Virginia Alverson at 214.953.5875 or 713.752.4575 or by e-mail at valverson@jw.com.
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