Proposed New Form 990 Released

Form 990, Return of Organization Exempt From Income Tax, will have a new format the IRS hopes to roll out for the 2008 tax year, in the form’s first overhaul since 1979. The changes are designed to aid transparency, with the first page of the 10-page form (one more than currently) showing a summary of the organization’s finances, operations, governance and compensation of officers. While it expands the number of related schedules from two to 15, those schedules incorporate information from the 36 attachments now possible in a uniform format designed to make the information more readily accessible and comparable among organizations. Most of the new schedules apply to relatively few filers, the IRS said; the most widely applicable one reports noncash contributions exceeding $5,000. Another new schedule asks hospitals to provide measures of their community benefit. A discussion draft is available at . Comments are requested by Sept. 14 on the form and related proposals, including raising filing thresholds for small organizations.


Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.