IRS asks for comment on Form 990-EZ changes
The Internal Revenue Service invites nonprofits and other members of the public to comment in writing by Sept. 8 on changes to the 2008 Form 990-EZ. The IRS now proposes to allow Form 990-EZ filers to file six schedules developed for the newly redesigned 2008 Form 990:
- Schedule A, Public Charity Status and Public Support
- Schedule C, Political Campaign and Lobbying Activities
- Schedule E, Schools
- Schedule G, Supplemental Information Regarding Fundraising or Gaming Activities
- Schedule L, Transactions with Interested Persons
- Schedule N, Liquidation, Termination, Dissolution, or Significant Disposition of Assets
Send written comments on or before Sept. 8 to R. Joseph Durbala, Internal Revenue Service, Room 6129, 1111 Constitution Avenue, NW, Washington, DC 20224. All comments will become part of the public record and will be summarized or included in the IRS request for OMB approval of the changes to the 990-EZ.
The Form 990-EZ can be used by small and medium-size nonprofits depending on their revenues and total assets according to this schedule:
- For the 2007 tax year: Nonprofits with revenues exceeding $25,000 but less than $100,000 and with less than $250,000 in total assets are to use the 990-EZ.
- For the 2008 tax year: Nonprofits with revenues exceeding $25,000 but less than $1 million and with total assets of less than $2.5 million will use the 990-EZ.
- For the 2009 tax year: Nonprofits with more than $25,000 but less than $500,000 and with total assets of less than $1.25 million will use the Form 990-EZ.
- For the 2010 tax year and thereafter: Nonprofits with revenues more than $50,000 and total assets of less than $500,000 will use the Form 990-EZ.
Nonprofits with revenues or total assets that exceed the limits described above must file the Form 990. Those with smaller revenues or total revenues file the Form 990-N. For more information, including issues the IRS would like see comments address, see this notice from the July 8 Federal Register.
