Listen to the Podcast about
the redesigned Form 990
Provided by Price Waterhouse Cooper
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This presentation features Howard Schoenfeld and Laura Parillo of PWC's Washington/National Tax Services Exempt Organizations Practice Group. Howard and Laura highlight some of the key features of the redesigned form and outline the important steps nonprofit organizations should be taking now to prepare for the new form.
The new form and its schedules, as well as a lot of other information about the changes to the 990 is available at: www.irs.gov/eo.
FORM 990 REDESIGN
Getting a Head Start
"For many nonprofits, the new 990 represents a triple threat," says Kristen Conte, Meyer Foundation Vice President for Finance and Administration. "It will take more time to prepare, it requires you to provide the IRS with more information about your operations and governance structure, and it may raise costs of accountants and others who help you with the form."
Having systems and procedures in place now will ensure that you are prepared next spring when you’ll be filling the form out for the first time. We've compiled some resources that we think will be helpful for you in understanding the new 990.
Learning Opportunities
Thursday, May 22, 2008
Basic Tax and Reporting Considerations for Small Nonprofits
Maryland Nonprofits
This Maryland Nonprofits class is for organizations with incomes of less than $25,000 per year. The workshop will provide an overview of how to comply with Maryland state taxes. It will also cover the basics of how to file the new IRS Form 990.
Tuesday, June 24, 2008
Basic Tax Considerations for Nonprofits
Maryland Nonprofits
This Maryland Nonprofits session will provide participants with a basic understanding of tax issues and reporting requirements related to nonprofit financial management. Designed to help nonprofits protect their tax-exempt status by complying with applicable reporting and disclosure requirements, it will help you to avoid costly mistakes related to tax reporting. Forms 990 and 990 T will be discussed, including covering reporting and disclosure requirements.
Other Resources
IRS Resources
Includes FAQs and a simplified overview of the new form:
http://ftp.irs.gov/charities/article/0,,id=176613,00.html
Maryland Nonprofits
How to answer the new question 7B of the Form 990:
http://www.marylandnonprofits.org/html/support/Form990.asp
Idealist.org
http://www.idealist.org/if/i/en/faq/57-95/62-42
About.com
http://taxes.about.com/od/nonprofits/a/Form990.htm
Stayexempt.org (An IRS-run website for nonprofits)
Online training of how to fill out the new form:
http://www.stayexempt.org/course4purple/index.html