New Form 990 Phased in for Smaller EOs


Smaller exempt organizations received transition relief as the IRS released its revamped Form 990, Return of Organization Exempt From Income Tax, for tax years 2008 and following. Organizations with gross receipts under $1 million or total assets under $2.5 million will be allowed to use Form 990-EZ for tax year 2008. The short form is four pages, as opposed to 11 pages plus applicable schedules for the long form. The limit falls in stages to $200,000 in gross receipts and $500,000 in total assets for tax years beginning with 2010. Still, that’s double the cutoff for the 2007 tax year. Also for 2010, still-smaller organizations will double their limit from the 2007 amount for eligibility to file by e-postcard (Form 990-N), to $50,000 in gross receipts.

SPONSORED REPORT

CPEOs provide peace of mind around payroll services

The creation of these new IRS-certified service providers for small businesses clarifies some issues around traditional professional employer organizations.

QUIZ

8 sentences to help you master subject-verb agreement

When professionals prepare written material for readers inside their organization or outside, they should make sure that no errors distract from the message they need to convey. Take this short quiz for practice in subject-verb agreement.