September 10, 2008 | Read Time: 1 minute
The Internal Revenue Service today released the latest version of its Form 990-EZ, the short version of its informational tax form for groups with 2008 receipts of less than $1-million.
The tax agency said the new form — and its related instructions — is similar to earlier versions of the Form 990-EZ, although it includes updated schedules that coincide with the new Form 990.
Both the new Form 990 and the new Form 990-EZ take effect for the 2008 tax year.
As part of the phase-in of the new forms, the IRS has significantly raised the filing threshold for the longer Form 990, which had previously been set at $100,000.
For the 2008 tax year, groups with receipts of less than $1-million are eligible to file the shorter Form 990-EZ.
That threshold drops to $500,000 for the 2009 tax year, according to the IRS.
The new release comes less than one month after the IRS finalized the instructions for the redesigned Form 990, which is getting its first significant update in more than 25 years.
