A SARBANES-OXLEY FOR CHARITIESA SARBANES-OXLEY FOR CHARITIES
David T. Leibell and Daniel L. Daniels of Cummings & Lockwood LLC in Stamford, Conn. report: On June 14, 2007, the Internal Revenue Service released for public comment a discussion draft of a redesigned Form 990, Return of Organizations Exempt from Income Tax, which would greatly increase the reporting and disclosure requirements for not-for-profits, resulting in increased transparency. Many public
July 1, 2007
Rorie M. Sherman Editor in Chief
David T. Leibell and Daniel L. Daniels of Cummings & Lockwood LLC in Stamford, Conn. report:
On June 14, 2007, the Internal Revenue Service released for public comment a discussion draft of a redesigned Form 990, Return of Organizations Exempt from Income Tax, which would greatly increase the reporting and disclosure requirements for not-for-profits, resulting in increased transparency.
Many public charities and other exempt organizations are required to file Form 990. The IRS' discussion draft constitutes the first significant redesign of this form since 1979. The Service anticipates using the new form for the 2008 tax year (returns filed in 2009). The redesigned Form 990 and instructions can be found on th...
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