Internal Revenue Service(IRS) finalises Tax-Exempt Form 990 Instructions

IRS has released its revised instructions for the redesigned Form 990 that tax-exempt organisations must submit. The latest version reflects a greater level of detail reporting than the IRS has been requesting. Form 990 had previously not been major revisions since 1979. The IRS also expects to release instructions for the short form, 990-EZ. As part of the phase-in of the redesigned Form 990-EZ for 2007 will be eligible to file Form 990-EZ or Form 990 for 2008