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The New Form 990 What Board Members Need to Know The IRS has recently released a new version of Form 990 for the 2008 filing year. The IRS s revision of the Form 990 was based on three guiding principles:

How to fill out the new form 990

For the question "How to fill out the new form 990?" and "Who needs the new form 990?", here is the content:

How to fill out the new form 990?

1. Review the instructions: Start by carefully reading the instructions provided for Form 990. These instructions will guide you through the process and provide valuable information on completing the form correctly.
2. Gather the necessary information: Collect all the required financial and organizational data needed to complete Form 990. This may include details about your organization's income, expenses, assets, liabilities, programs, governance, and other relevant information.
3. Complete Part I: Begin by filling out Part I of Form 990, which includes general information about your organization such as its name, address, tax-exempt status, and contact details. Make sure to provide accurate information and double-check for any errors.
4. Proceed with subsequent parts: Continue filling out the form by following the sections and parts as outlined. Each part requests specific information and may require additional schedules or attachments, depending on your organization's activities and finances. Take your time to accurately provide the requested data.
5. Attach additional schedules and forms if applicable: Some organizations may need to attach additional schedules or forms to provide more detailed information. These schedules are often used to report specific activities or transactions, such as grants, foreign activities, compensation, or investments. Carefully fill out these schedules, ensuring they correspond with the information provided in the main form.
6. Review and verify: Before submitting Form 990, thoroughly review all the information you have entered to ensure accuracy and completeness. Look for any inconsistencies, missing data, or mistakes that could raise concerns or lead to potential issues.
7. File the form: Once you are confident that the form is correctly filled out, submit it to the appropriate authority. Check the deadline for filing Form 990, as it may vary depending on your organization's fiscal year. Consider using electronic filing options for convenience and faster processing.

Who needs the new form 990?

1. Nonprofit organizations: The new form 990 is primarily required for tax-exempt nonprofit organizations in the United States. This includes charities, foundations, religious organizations, educational institutions, and other similar entities.
2. Organizations with certain financial thresholds: Depending on the organization's annual gross receipts and total assets, it may be mandatory to file Form 990. The specific thresholds vary based on the organization's classification and can be found in the instructions accompanying the form.
3. Publicly available information: Form 990 serves as a public disclosure document, enabling transparency regarding a nonprofit organization's finances and operations. Therefore, even if not strictly required, organizations may choose to voluntarily file the form to maintain transparency and build trust with their stakeholders.
4. Compliance with IRS regulations: Filing Form 990 is essential for organizations to remain compliant with the Internal Revenue Service (IRS) regulations. Failure to file or inaccurately completing the form can result in penalties or loss of tax-exempt status, so it is important for eligible organizations to understand their obligations and meet the deadline for filing.

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