February 7, 2008 | Read Time: 1 minute
The Internal Revenue Service will release the new informational tax return, known as Form 990, on a staggered schedule, the agency announced at a meeting of tax lawyers last month.
The final draft of the revised 990 will be unveiled in the middle of the year, but the agency will release instructions for certain parts of it and a glossary of terms within the next few months.
The overhaul of the tax form is the first significant change the IRS has made in a quarter of a century.
Instructions for Schedule H, which nonprofit hospitals must fill out, will probably be released first, and the agency will also clarify what qualifies as a hospital. The schedule for tax-exempt bonds, Schedule K, will also probably come out soon. In addition, instructions for some parts of the standard 990 that all groups fill out, such as a section listing executive compensation, will be released early. And the agency will soon provide a glossary of terms to assist groups.
