By Bruce R. Hopkins

The hot shape 990 covers the legislations, coverage, and guidance of the recent IRS shape 990. It comprises summaries of the legislations underlying all the elements and questions within the go back, in order that the preparer can comprehend the heritage legislations in formulating solutions at the go back. the subject material is very well timed and appropriate given the discharge of the draft shape 990 final summer time, the anticipated unlock of the ultimate shape 990 in early 2008, and the graduation of the 1st tax yr to which the shape applies on January 1, 2008.

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Extra resources for The New Form 990: Law, Policy, and Preparation

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It is required to describe its mission, new significant program services, any significant changes in the way it conducts a program, a cessation of any activity, and the exempt purpose achievements for each of its three largest programs services by expenses. Charitable and social welfare organizations are required to report the amount of grants and allocations to others, total; expenses; and any revenue for each program service reported. ) (d) Part IV (Schedules) Part IV of the redesigned Form 990 is a checklist of (potentially) required schedules.

8. Complete Part VI. ) 9. Complete Part I (on the basis of information derived from other parts of the return). 10. Complete Part IV. 11. Complete remaining applicable schedules (for which ‘‘yes’’ boxes were checked in Part IV). ) 12. Complete Part II (signature block). Another unique feature of these instructions is the appendix, which provides information about:  Types of tax-exempt organizations (a reference chart)  Steps for determining various levels of gross receipts (such as the $25,000 filing threshold)  Public inspection of returns  Group exemption returns  Disregarded entities and joint ventures  Excess benefit transactions The Director of the Exempt Organization’s Division said: ‘‘We were immensely gratified by the amount and quality of public comments we received on the Form 990 redesign.

K) Schedule K Schedule K is used to solicit information about tax-exempt bond issues (Part I) and the use of the proceeds (Part II). There are questions about the private use rules (Part III) and arbitrage (Part IV). ) (l) Schedule L Schedule L concerns excess benefit transactions and loans to and from interested persons. Information sought includes the name of the debtor/creditor, original principal amount, balance due, the purpose of the loan, and whether there is a written agreement. Questions are also asked about grants or other forms of assistance benefiting, and business transactions involving, interested persons.

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