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Reduce Risk Associated With Newly Redesigned IRS Form 990 Requirements
March 26, 2010For the first time in 30 years, the IRS has issued a dramatically changed Form 990 – Return of Organization Exempt From Income Tax to increase transparency in the nonprofit sector. "Complying with the IRS's Form 990 requirements has never been more challenging or risky for nonprofit organizations and their CPA advisors," said Blake Smith, senior director of Product Development at the Tax & Accounting business of Thomson Reuters. "In the updated form, tax reporting is more complex; additional types of information are required to be disclosed; and there are numerous additional questions." Full release.