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November IRS webcast on Form 990 changes
WASHINGTON (10/20/08)--The Internal Revenue Service (IRS) said it’s next “Tax Talk Today” Webcast, on Nov. 4, will focus on issues involved in preparing for the new Form 990. The IRS redesigned Form 990--Return of Organization Exempt from Income Tax--to reflect changes that have taken place in the tax law and the tax-exempt sector. The form is filed annually by state-chartered credit unions. Federal credit unions are not required to file, since they are not subject to unrelated business income taxes. The new Form 990 will be filed in 2009, for the 2008 tax year. Revised instructions, unveiled in August by the IRS, include changes in content and format. They provide additional examples to explain the instructions. The IRS encouraged “organizations and their (tax) preparers” to tune into the free Webinar to gain a full understanding of how the form changes will affect the filing process. Panelists scheduled to participate in the November session include Eve Rose Borenstein, exempt organizations tax attorney, Borenstein and McVeigh Law Offices; Stephen Clarke, IRS tax law specialist, Rulings and Agreements, Exempt Organizations; Julie Floch, CPA, Eisner Director of Not-For-Profit Services; and Ronald Schultz, senior technical advisor to the IRS Commissioner, Tax Exempt and Government Entities Division. The IRS also has a Web page on the Form 990 redesign and background documents. Use the resource links below to register and to access more information.
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