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April 9, 2008 - The Internal Revenue Service (IRS) posted draft instructions to its website earlier this week for the revised Form 990, released in December 2007. The Form 990 is required of most tax-exempt organizations, including state-chartered credit unions that either file individually or participate in a state group filing.
The IRS is seeking comments to ensure the final instructions address the needs of the tax-exempt community. The instructions are organized in the following manner: a general overview of the form or schedule explaining its purpose, an explanation of who must file that particular schedule and line-by-line instructions to answer each question on the form or schedule.
The draft instructions also include a number of new tools designed to make completing the form easier. Comments are due to the IRS by June 30, 2008. To view the draft instructions, click here. To visit the IRS Web site to learn more, follow this link. NASCUS will review the draft instructions and submit comments to the IRS. If you have any comments for inclusion in the NASCUS letter, contact Brian Knight at brian@nascus.org.
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