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January 26, 2012 11:36:28 am

Significant Form 990 Changes for Nonprofits

The final 2011 Form 990, Return of Organization Exempt from Income Tax, is now available on the Internal Revenue Service (IRS) website.  The new form has significant changes, including:

• Organizations that have foreign investments during the tax year valued at $100,000 or more must complete Form 990, Part 1 of Schedule F, Statement of Activities Outside the United States.
• Organizations must report their distributive share of assets in any joint ventures and other entities treated as partnerships for federal tax purposes on Part X, “Balance Sheet”. 
• Contributions of conservation easements and other qualified conservation contributions must be reported in a consistent manner as the organizations’ revenue reporting methods for its books, records and financial statements
• Organizations must report the distributive share of investment income, royalties and rental income from joint ventures in Part VII, “Statement of Revenue”
• Certain payments by voluntary employees’ beneficiary associations are now excluded under the definition of “grants and other assistance” in the Form 990 Glossary, and
• A donor’s phone bill for a text message is considered a reliable written record of a donation as long as the bill shows the organization’s name, date and amount of the contribution according to Appendix K, Contributions.
   

The IRS e-file system will not be available from January 1, 2012 through February 29, 2012 for electronic filings of Form 990, 990-EZ, 990-PF and 1120 POL information returns.  The 990-N e-postcard filing system will not be affected by the temporary suspension of the e-file system.   Organizations with filing due dates (or first extended due dates) for such returns in January or February 2012 have until March 30, 2012 to file. In addition, as described in Notice 2012-4, certain affected organizations normally required to file electronically will have the option to file a paper return during the suspension period.

Please click here for the 2011 Form 990 and instructions.  For more detail on the changes, please see The Journal of Accountancy.  

Tags: Nonprofit

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