New IRS Video Series - WASHINGTON — The Internal Revenue Service has launched a new case study and video program to help exempt organizations and their tax preparers better understand the newly revised Form 990 series which must be filed for the 2008 tax year.
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WASHINGTON — The Internal Revenue Service
has launched a new case study and video program to help exempt organizations
and their tax preparers better understand the newly revised Form 990 series
which must be filed for the 2008 tax year.
The Form 990 series, redesigned for the first time in nearly 30 years,
requires more disclosure and transparency by exempt organizations. With some
exceptions, organizations that are exempt for federal taxation are required to
file the Form 990 information return. The additional information will give the
IRS and the public a better view of how the exempt organizations work,
especially in terms of expenditures and executive salaries.
To help illustrate key points and answer important questions about the new
Form 990, the IRS’ Exempt Organizations Division developed “
The New Form 990: Getting Started,”
a case study about a hypothetical organization – Exempt Organization for
Disaster Relief (EODR).
The hypothetical case study includes a set of facts describing
organizational and financial aspects of EODR, and a completed Form 990 based on
those facts. A
video
series walks you through key reporting issues common to most
organizations required to file Form 990.
Before starting the videos, people should read the hypothetical EODR case
study and review the example Form 990. The series of videos, each between five
and ten minutes long, cover a key area of the Form 990, using facts from the
case study.
The videos are listed in an order based on the sequencing list found on page
5 of the Form 990 instructions. However, they can be viewed in any order.
Included in the video series are:
Overview This video is a good place to start for people who have questions
about the redesigned Form 990. It looks at some of the key things to
consider about the Form 990 and the various schedules that exempt
organizations may need to complete, particularly Schedule R.
Revenue and Expenses This segment covers two of the financial statement portions: Part
VIII, Statement of Revenue, and Part IX, Statement of Functional Expenses.
It looks at how to fill out the required columns of information for
revenue and expenses.
Balance Sheet,
Supplemental Financial Statements, and Schedule D This video, reviews Part X of the Form 990, the Balance Sheet, and
Part XI, which covers Financial Statements and Reporting. It explains some
differences between the redesigned and previous version of Form 990. It
also focuses on parts of Schedule D, Supplemental Financial Statements.
Program Services,
Other IRS Filings and Tax Compliance This video focuses on Part III, which allows an organization to “tell
its story” and describe its program services, and Part V, which covers
other IRS filings and areas of tax compliance. Part V will alert
organizations if they have other filing obligations besides the Form 990
and will help them to determine if they engage in activities that raise
tax compliance concerns.
Compensation This segment reviews the Form 990 compensation reporting in Part VII.
It explains who needs to be listed in Part VII and explains the three
types of compensation to report. It also highlights Schedule J, the
compensation continuation schedule.
Governance
This segment describes how to complete Part VI of the redesigned Form 990,
which requests information about the organization’s governing body,
management, policies and procedures and disclosure practices. It also
focuses on Schedule L, which requests information on transactions with interested
persons, such as directors, officers, key employees and their family
members.
Summary, Schedules,
Signatures This segment covers Parts I, II and IV of the Form 990—Summary,
Signature Block and Checklist of Required Schedules. It also provides an overview
of several new schedules to the Form 990.
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