As we rang in the new year, the IRS rolled out its newly redesigned Form 990 for nonprofit organizations. The redesign is the first of its kind since 1979, and came about following the tremendous growth of the nonprofit sector and the need for better transparency of these organizations. The new Form 990 will be implemented over the next four years.
Starting in 2008, small tax-exempt organizations will have a new filing requirement. The new e-Postcard has been described as short, easy and electronic. Tax-exempt organizations that normally have annual gross receipts of $25,000 or less and do not have to file Form 990 or 990-EZ, must file the e-Postcard.
To learn more about the upcoming changes and the Form 990 implementation schedule, please click here to visit the Council of Michigan Foundations site.