- Increase transparency
- Increase accountability
- Ease the reporting burden on charities.
Tuesday, April 28, 2009
Newly Designed Form 990
For the 2008 tax year, charities with gross receipts >$1 million and assets >$2.5 million are required to use the newly designed Form 990. This is the first major redesign since the Form 990 was introduced in 1941. Why the redesign? The IRS wanted to accomplish three, somewhat competing, goals: