According to their newest press release, the IRS has “released the revised instructions that tax-exempt organizations will need to fill out the redesigned Form 990, which must be filed starting with tax year 2008 (filed in 2009).
As you may know, most charities must file an annual informational return with the IRS to maintain their tax-exempt status. Information reported on Form 990 is made available to the public. Form 990 had previously not seen major revisions since 1979. The revised instructions and redesigned Form 990 can be found on the IRS website.
“These instructions are the final step in a tremendous effort to bring the Form 990 up to date and to reflect the diversity and complexity of the tax-exempt community,” said IRS Commissioner Doug Shulman. “The revised form will give the IRS and the public a much better view of how exempt organizations operate. The improved transparency provided by these changes will also benefit the tax-exempt community.”
Apparently, input from the tax-exempt community played a major role in how the new instructions were designed.