October 2, 2010
Authored by: Keith Kehrer
Just ask your friends at a larger charity, preparation of the new Form 990 for the first time is no picnic. As we discussed in our blog post on July 5, medium-sized charities with gross receipts ≥ $200,000, or total assets ≥ $500,000 must complete the substantially re-designed Form 990 for the 2010 tax year. In light of the fact the new Form 990 requires substantially greater information than ever before, we strongly recommend that medium-sized charities that will be filing the re-designed Form 990 for the first time become familiar with the new Form 990 now and ensure that it will be able to gather the required information. Larger charities spent most of the summer and fall of 2008 leading up to the calendar year end to ensure they understood the new Form 990 and could gather the necessary information. Medium-sized charities should follow this lead.