IRS Releases Revised Form 990 With Changes Affecting Joint Ventures, Compensation and Hospitals

more+
less-

On January 21, 2012, the Internal Revenue Service (IRS) released a revised version of Form 990 and accompanying instructions and schedules for tax year 2011. Notable changes to Form 990 and its associated schedules relate to joint ventures, investment partnerships, compensation disclosure and hospitals. In addition, the instructions to the revised form include many clarifications that were lacking in previous guidance.

Most organizations that are exempt from federal income tax under section 501(a) of the Internal Revenue Code must file an annual information return (Form 990 or Form 990-EZ) or submit an annual electronic notice (Form 990-N). Generally, an organization’s gross receipts and total assets determine which filing the organization must make, although different filing criteria apply to certain organizations; for example, private foundations must file Form 990-PF and supporting organizations do not have the option to file Form 990-N. Organizations with either (i) gross receipts of $200,000 or more or (ii) total assets of $500,000 or more must file Form 990.

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Written by:

Published In:

Tax

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Foley Hoag LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.
×
Loading...
×