IRS releases 2011 Form 990 draft instructions emphasizing changes to joint venture and partnership investment reporting, foreign activities, and compensation

On January 5, 2012, the IRS released draft instructions for the core form of the 2011 Form 990. Although these instructions are not yet final, the draft suggests significant changes from 2010 reporting in a number of key areas, including joint venture and partnership investments, activities and investments directed towards foreign countries, and reportable compensation.