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Advocacy Blog
Tuesday, March 04, 2008
Form 990 Instructions Should be Released by April
Instructions for the redesigned Form 990 are expected in April. BNA Money and Politics ($$) reports that there will likely be a 30 to 45 day public comment period. "A summary of one to two pages will accompany each schedule, highlighting the controversial items for which practitioners should look in making their comments, . . . [t]his includes governance and compensation questions that have become high priorities for IRS."
The issue of governance has quickly emerged as a major focal point for the agency, and the final Form 990 asks new questions about the composition of charities boards or governing bodies, its governance policies and practices, and the means by which it is held accountable to the public by making governance and financial information publicly available.
In addition, on February 14, the Internal Revenue Service (IRS) released a new educational governance component in its "Life Cycle." For an analysis from OMB Watch on the redesigned Form 990, click here.
Posted by Amanda Adams
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