New Form 990 Taken to Task


The IRS is assessing hundreds of comments, including those by an AICPA task force, on its draft revised Form 990, Return of Organization Exempt From Income Tax . The task force suggested a new summary should emphasize exempt purpose and activities, rather than compensation and fundraising and total expense ratios. It also expressed concern about the clarity, comparability and fairness of compensation reporting and recommended at least a year of transitional relief after publication of new requirements.

IRS officials have already decided to drop some questions from the summary, Ronald J. Schultz, an IRS senior technical adviser, told the American Bar Association Section of Taxation at its fall meeting in Vancouver, Tax Notes Today reported. Comments submitted to the IRS can be read at www.irs.gov/charities/article/0,,id=173106,00.html.

SPONSORED REPORT

2018 financial reporting survey: Challenges and trends

Learn the top reporting challenges that emerged in a survey of more than 800 finance, accounting, and compliance professionals across the world, and compare them with your organization's obstacles.

PODCAST

How the skill set for today’s CFO is changing

Scott Simmons, a search expert for large-company CFOs, gives advice for the next generation of finance leaders and more, including which universities are regularly producing future CEOs and CFOs.