Friday, September 21, 2007
Comments on the Redesigned Form 990
In response to the request by the IRS for comments on the resdesigned Form 990, The National Assocaiton of College and University Business Offices (“NACUBO”) submitted comments indicating that the redesigned Form 990 information return filed by tax-exempt organizations would place additional reporting burdens on colleges and universities. Additionally, Professor Evelyn Brody of the Chicago-Kent College of Law offered recommendations for redesigning the Form 990 information return filed by tax-exempt organizations. Also, the American Institute of CPA’s (“AICPA”) provided suggestions for successful implementation of the new draft Form 990, ways to mitigate increased taxpayer burden resulting from the redesigned form, and comments on the need for clarity and consistency in compensation reporting. And Eve Borenstein of the Borenstein and McVeigh Law Office LLC provided additional comments to the IRS on the redesign of the Form 990 information return filed by tax-exempt organizations.