IRS Releases Long-Awaited Instructions to Revised 2008 Form 990

On April 7, the Internal Revenue Service (IRS) released draft instructions to the redesigned Form 990, the information return filed by public charities and other tax-exempt organizations. The redesigned Form 990 was released in final form in December 2007. Large organizations (with gross receipts of $1 million or more or assets of $2.5 million or more) will be required to file the revised Form 990 for the 2008 tax year (returns filed in 2009). Small and mid-size organizations have more time to familiarize themselves with the new form and its requirements.

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