Dorsey partner Claire H. Topp discussed in the In-House Counsel supplement to Minnesota Lawyer the updated IRS nonprofit filing form. Form 990, effective for 2008 filings, requires tax-exempt organizations to report information in a number of areas not previously addressed.
Topp said the new form is focused on creating more transparency and public trust. While the changes will likely have the most impact on small nonprofits, the IRS will introduce the new reporting requirements in stages. For returns covering the current year, nonprofits with gross receipts of less than $1 million and assets of less than $2.5 million will be allowed to file using the less detailed 990-EZ. Topp said these numbers will "ratchet down" to $200,000 and $500,000 respectively by 2010.
"Feds approve new reporting requirements for nonprofits" was published in the "Quarterly In-House Counsel Supplement" of the Minnesota Lawyer, March 2008.