OSAP, the American Society of Association Executives (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 it intends to revise reporting requirements for section 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.
Treasury Secretary Scott Bessent said the initiative reflects a broader effort to ensure that organizations receiving public funds or tax-deductible contributions are prepared to demonstrate how those funds are managed and used. Treasury has also stated that it will consider administrative feasibility, proportionality and reporting burden as it develops the proposal.
At this stage, no new reporting requirements are in effect, and the scope of any revisions remains uncertain. Because many associations maintain affiliated charitable foundations or other section 501(c)(3) entities, ASAE is closely monitoring the issue and will provide updates as more information becomes available, particularly when the IRS publishes proposed changes and opens the public comment period.
This article was provided to OSAP by ASAE's Power of Associations and Inroads.
IRS Expected to Share Proposed Form 990 Changes for Public Comment
OSAP, the American Society of Association Executives (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 it intends to revise reporting requirements for section 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.
Treasury Secretary Scott Bessent said the initiative reflects a broader effort to ensure that organizations receiving public funds or tax-deductible contributions are prepared to demonstrate how those funds are managed and used. Treasury has also stated that it will consider administrative feasibility, proportionality and reporting burden as it develops the proposal.
At this stage, no new reporting requirements are in effect, and the scope of any revisions remains uncertain. Because many associations maintain affiliated charitable foundations or other section 501(c)(3) entities, ASAE is closely monitoring the issue and will provide updates as more information becomes available, particularly when the IRS publishes proposed changes and opens the public comment period.
This article was provided to OSAP by ASAE's Power of Associations and Inroads.
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