IRS Tax: IRS Video Series Help Exempt Organizations Understand New Form 990 Requirements

The IRS (Internal Revenue Service) prepared a video series for exempt organizations and their tax preparers understand the new 990 forms. Form 990 series are needed by organizations which are exempt for federal tax, and the new tax forms will first be used on 2008 tax returns.

The IRS also prepared a case study about a hypothetical exempt organization: 'Exempt Organization for Disaster Relief (EODR)', and filled out a Form 990 based on the key financial information of this hypothetical public charity.

Key facts about this hypothetical exempt organization can be found here, and the 990 Form which is pre-filled by the IRS can be found here.

Videos include solutions to possible problems when filing a form 990, as well as pointing out changes between the new and previous version of Form 990. Each video explains a part of the Form 990 using the pre-filled example form of hypothetical exempt organization EODR.

Below is the videos and short descriptions about which part of the new Form 990 they cover:

1) Overview - General information about the redesigned form 990.

2) Revenue and Expenses - This video describes Part VIII: Statement of Revenue and Part IX: Statement of Functional Expenses of the form 990, helps filling out columns of information for revenue and expenses.

3) Balance Sheet, Supplemental Financial Statements, and Schedule D - This video describes Part X and Part XI of Form 990, the Balance Sheet and Financial Statements and Reporting.

4) Program Services, Other IRS Filings and Tax Compliance - This video describes Part III and Part V of the new form 990. An exempt organization describes its program services in Part III. Part V  covers other IRS filings and tax compliance sections.

5) Compensation - This video describes compensation reporting in Part VII of the form 990.

6) Governance - This video helps filling out Part VI of Form 990. The organization's governing body, management, policies and procedures and disclosure practices are requested information.

7) Summary, Schedules, Signatures - This video describes Part I, II and IV of the Form 990.