This document contains final and
temporary regulations necessary to implement the redesigned Form
990, Return of Organization Exempt From Income Tax. All tax
exempt organizations required under section 6033 of the Internal
Revenue Code (Code) to file annual information returns are affected
by these temporary regulations. These regulations are applicable to
taxable years beginning after December 31, 2007. Because these
regulations are already applicable, taxpayers
This document contains
final and temporary regulations necessary to implement the
redesigned Form 990, Return of Organization Exempt From Income
Tax. All tax-exempt organizations required under section 6033 of
the Internal Revenue Code (Code) to file annual information returns
are affected by these temporary regulations. These regulations are
applicable to taxable years beginning after December 31, 2007. It
is critical that taxpayers have time to learn the new filing
requirements and have the opportunity to raise any questions or
concerns prior to the actual filing date of the particular forms
associated with these documents. For this reason, we are asking for
the emergency approval by August 4, 2008.
US Code:
26
USC 6033 Name of Law: Returns by exempt organizations
US Code: 26
USC 7805 Name of Law: Rules and regulations
These regulations make the
revisions that must be made to the regulations under section 6033
and section 6043 of the Code to implement the Form 990 redesign.
For example, the regulation that currently gives organizations a
choice of using either the calendar year or the organizations
annual accounting period as the basis for reporting compensation of
officers, directors, trustees and certain employees and contractors
is revised to require calendar year reporting. Revisions are also
made to allow for new threshold amounts for reporting compensation
and to expand the scope of organizations subject to information
reporting requirements upon a substantial contraction.
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.