September 5, 2008

IRS Releases Final Rules for New Nonprofit Tax Form

By PAUL FAIN

The Internal Revenue Service has finished revising the Form 990 with the release last month of the final instructions for the tax document, which is filed annually by nonprofit colleges, foundations, and other charitable organizations. The overhaul is the first major set of changes in the form since 1979.

Some nonprofit officials had complained about aspects of the draft instructions, which were released in April. While the IRS bent a bit, modifying rules relating to the reporting of

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