February 12, 2010 | Read Time: 1 minute
The Internal Revenue Service has made final its 2009 Form 990 informational tax return that charities will file in 2010 or 2011.
To help charities understand the updated form, the IRS has released a list of changes made to modify and clarify reporting requirements in the revised form, as well as in the form’s schedules and instructions.
For example, the IRS said that Line 2 in the form’s Part VI: Governance, Management, and Disclosure, now “clarifies that, if two officers, directors, trustees, or key employees of the filer serve in similar positions with another tax-exempt organization, that involvement does not create a reportable business relationship between the two.” Line 15 in the same Part VI defines “conflict of interest” for compensation arrangements.
The Form 990 is the primary document that charities file with the government each year.
The IRS also released the 2009 Form 990-EZ used by smaller organizations.
