New IRS Form 990 Instructions Are Available!

VHCA (9/4/2008)

The Internal Revenue Service (IRS) recently released the revised instructions that tax-exempt organizations, (including not for profit long term care facilities) will need to complete the redesigned Form 990, which must be filed starting with tax year 2008 (filed in 2009).  The revised instructions feature several new tools that make it easier to respond to questions line-by-line and facilitate uniform reporting.  The IRS expects to release instructions to the 2008 Form 990-EZ, Short Form Return of Organization Exempt from Income Tax, in the next few weeks.  As part of the phase in of the redesigned Form 990 over a three-year transition period, many organizations not eligible to file the Form 990-EZ for 2007 will be eligible to file Form 990-EZ or Form 990 for 2008.  A summary of the transition period filing requirements for Form 990, 990-EZ, and 990-N is also now available.