18 August 2008

IRS information on the new Form 990

Welcome back!

The IRS website has a summary of the changes we are anticipating for the Form 990 for the 2008 tax year. You can read that information here.

There will be some new reporting requirements including disclosure of business or family relationships on the board of directors. There will also be a requirement to describe the board's role in reviewing the the board's responsibility for the information on the Form 990.

I will post more about the changes when the new instructions are released and after I hear from other clients about their concerns and thoughts.

Previous CPG clients will already have satisfactory conflict of interest policies to regulate and monitor related individuals and self-serving.

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