New Era of Nonprofit Accountability
As millions of individual tax payers are rushing to meet tonight’s IRS filing deadline for the personal tax returns, we’ve decided to take a brief look at what the new IRS Form 990 means for nonprofit organizations.
What it is being heralded as a ‘New Era of Nonprofit Accountability’ and may just be that, it is also a time of confusion for many nonprofits, especially those who struggle with fewer resources.
The recent changes represent the first major overhaul of the form since 1979 and includes requirements intended to enhance accountability and transparency. In particular, nonprofits may be required to adopt certain policies addressing issues such as conflict of interest, whistle blowers, and record retention.
Over the next few years a phased approach to determine if an organization must submit a full Form 990 or the Form 990 EZ has been established.
For a much more detailed and qualified overview of the changes and Form 990 and the reporting thresholds for Form 990 EZ , visit the Journal of Accountancy website.
You can also find a detailed review of the changes and implications for nonprofits at the Philanthropy Journal website.
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