The new IRS Form 990 is effective for tax years beginning January 1, 2008 and thereafter. It is not applicable to private foundations filing Form 990-PF. In preparing for the new 990 filing, we suggest that you print, and familiarize yourself with, the form and instructions. (www.irs.gov - "Charities & Nonprofits," - "IRS completed 2008 990 Instructions; Form & Instructions; Form 990 Core") It would also be a good idea to print the schedules applicable to you. 

Smaller organizations may have a slight reprieve from filing the new Form 990 for 2008 as the IRS is phasing-in the form for these entities. Organizations with gross receipts under $1 million and net assets under $2.5 million can file a Form 990-EZ in 2008. However, even if you are eligible to file the 990-EZ in 2008, you may still be required to file some of the new 990 schedules. By 2010, all organizations with gross receipts $200,000 or more and net assets $500,000 or more will be required to file Form 990.

 The following are topics regarding Form 990 for which there have been quite a few questions.

Compensation Reporting and Documentation

Governance, Management and Disclosure

Reporting of Noncash Contributions

Fundraising and Gaming

Reporting of Transactions with Interested Persons

Supplemental Financial Information

Public Charity Status and Public Support Reporting

Political Campaign and Lobbying Activities

Reporting Activities Outside the United States

Reporting for Tax-Exempt Bond Issues

Liquidation, Termination, Dissolution, or Significant Disposition of Assets

Reporting Related Organizations and Unrelated Partnerships

If you encounter questions as you put together your information, please contact your SS&G tax professional for help. For more information on Form 990, please contact Annette Hoelzer.