The Internal Revenue Service is preparing to release the final instructions to the redesigned IRS Form 990, bringing to a close more than a year-long effort to update the nearly 30-year-old form. Nonprofits and associations must begin using the new form in 2009 to report on their 2008 tax year and they will be reporting more information than ever, according to the IRS, to “increase transparency, promote tax compliance, and minimize burden.” The new instructions are expected to address concerns in the nonprofit community over issues including: the definition of “key employee,” reporting of foreign activity, determining the independence of directors and revised definitions… Read More