8/26/08 For Libraries with Foundations: IRS Releases Instructions for New Form 990
The Internal Revenue Service has completed its revision of the 2008 Form 990 instructions and posted them along with three new background documents explaining the new form and instructions. The 2008 Form 990 is effective for 2008 tax years (for returns filed in 2009). Most tax-exempt organizations, including library foundations, must file an annual informational return with the IRS to maintain their tax-exempt status.
Supporting documents released by the IRS include:
- Summary of Form 990 Redesign Process - an explanation of the redesign process, from the release of the form's discussion draft in June 2007 to today's release of the new form's instructions.
- Form 990, Moving from the Old to the New - summarizes the parts and schedules of the new form, highlights which portions are new or significantly revised from the 2007 form, and compares material differences between the 2007 and the 2008 forms and instructions.
- Changes to April Draft Instructions - an overview of significant changes to the April draft instructions and lists areas requiring further study for future years.
The Internal Revenue Service intends to release draft instructions to the Form 990-EZ, Short Form Return of Organization Exempt From Income Tax, in the next few weeks.
