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

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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.

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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.

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