US: IRS Publishes New Version of Form 990 for Tax-Exempt Organizations
Form 990 is an annual information return which must be filed with the IRS by most organizations exempt from income tax under section 501(a), and certain political organizations and nonexempt charitable trusts. In January, the IRS published a revised version of the form.
Among several changes and clarifications on the new form is one of significance for nonprofits with an international footprint. According to the new requirements for completing Form 990, Part I of Schedule F, the Statement of Activities Outside the United States, an organization must file if it had investments during the tax year valued at $100,000 or more or if it had aggregate revenues or expenses attributable to foreign activities of more than $10,000.
Organizations must also now complete Part X, the Balance Sheet. This includes any distributive share of assets in joint ventures and other entities treated as partnerships for federal tax purposes.
The new form and instructions for filing are available on the IRS website. Form 990 must be filed electronically by the 15th day of the 5th month after the organization’s accounting period ends (May 15th for a calendar year filer).