IRS announces changes to Form 990, 990-EZ
The IRS has released changes to the 2012 Form 990 and 990-EZ. The schedules and instructions have been revised to modify and clarify certain reporting requirements.
Among the significant changes to the Form 990:
Under Part VI, Governance, Management and Disclosure, Line 3: If 'Yes,' on Schedule O, list the name(s) of the management company or companies or other person(s) performing management duties; describe the services they provided to the organization; list any of the organization’s current or former officers, directors, trustees, key employees, and highest compensated employees who were compensated by the management company or companies or other person(s) during the calendar year ending with or within the organization's tax year; and list the amounts of compensation they received from the management company or companies or other person(s).
Under Part VII, Compensation of Officers, Directors, Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors: Section A, column B asks for reporting of average hours per week worked for related organizations, in addition to hours worked for the filing organization.
Changes to the Form 990 EZ includes;
Under Appendix H, Contributions: Clarify that if an organization accepts a contribution in the name of one of its programs, its donor acknowledgment should indicate the organization’s name.
For a full account of the changes go to www.irs.gov.
