Changes to the Form 990 for tax year 2012

Exempt Organizations Tax Services Update

Each year the IRS revises the Form 990, Return of Organization Exempt From Income Tax, and the accompanying instructions. Changes to the form and instructions for tax year 2012 add clarity and also alter specific reporting requirements in a number of ways that range from subtle to significant. As in prior years, reporting of tax exempt bonds in Schedule K and hospital reporting in Schedule H were areas of focus for the IRS for tax year 2012. Notable changes were also made to core form instructions on reporting income and assets attributable to joint ventures, reporting supplemental financial information in Schedule D, and reporting certain foreign activities in Schedule F.

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