IRS Seeking Comments on Revised Form 990

Announcement 2011-36 noted that the IRS extensively redesigned Form 990, Return of Organization Exempt from Income Tax, for tax year 2008 to promote tax compliance and increase transparency.  

The major reconstruction of the Form is complete, but the IRS continues to refine the Form in response to questions and comments from the public. The agency has made many revisions to the 2009 and 2010 Forms 990, schedules, and instructions, mostly corrections and clarifications to make the Form easier to understand and complete, and it plans to make further revisions.  

The IRS invites public input on the following issues. 

• Activity codes; 
• Reporting compensation to management companies and leasing companies owned or controlled by directors, officers, trustees, or key employees; 
• Thresholds for reporting compensation to key employees, highest compensated employees, independent contractors, and former officers, directors, trustees, and key employees; 
• Reporting revenue from governmental units; 
• Net asset reconciliation; 
• Reporting on audited financial statements; 
• Names and EINs of foreign grantees; 
• Indirect foreign expenditures; 
• Reporting bank deposits as loans or business transactions on Schedule L; 
• Reporting of component parts of community trusts on Form 990-series returns; and 
• Scope of related organization reporting on Schedule R.