Financial Changes: Form 990 Changes on the Horizon for 501(c)(3) Organizations

OSAP, ASAE and many other tax-exempt organizations are awaiting the release of draft changes to Form 990 following the U.S. Department of the Treasury's April announcement that it intends to revise reporting requirements for 501(c)(3) organizations.

Treasury has said that the Internal Revenue Service (IRS) will publish proposed revisions and provide an opportunity for public comment before any updates are finalized.

As previously reported, the Treasury Department said the planned revisions are intended to improve transparency, strengthen tax administration and provide clearer reporting related to government contracts, government grants and fiscal sponsorship arrangements. Treasury officials indicated that the changes are designed to help the IRS better detect misconduct and ensure greater accountability among tax-exempt organizations.

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