The U.S. Dept. of the Treasury announced that the IRS plans to modernize Form 990, Return of Organization Exempt from Income Tax. The information form is generally filed by nonprofits. The revised form would require tax-exempt organizations to provide clearer reporting on certain activities. The planned changes are intended to improve transparency to help detect misconduct and hold wrongdoers accountable. The Treasury and the IRS expect to publish proposed regulations and solicit public comment before finalizing any reporting changes. The agencies will consider administrative feasibility and reporting burden as the proposal is developed.
