Video Series Article

Video series helps NFPs understand redesigned Form 990 requirements
Reprinted with permission from The Ohio Society of CPAs.

The IRS has launched a new case study and video program to help exempt
organizations and their tax preparers better understand the newly revised Form
990 series which must be filed for the 2008 tax year.

The Form 990 series, redesigned for the first time in nearly 30 years, requires more
disclosure and transparency by exempt organizations. With some exceptions,
organizations that are exempt for federal taxation are required to file the Form 990
information return. The additional information will give the IRS and the public a
better view of how the exempt organizations work, especially in terms of
expenditures and executive salaries.

The video series helps illustrate key points and answer important questions about
the new Form 990, the IRS’ Exempt Organizations Division developed “The New
Form 990: Getting Started,” a case study about a hypothetical organization –
Exempt Organization for Disaster Relief (EODR).

Before starting the videos, people should read the hypothetical EODR case study
and review the example Form 990. The series of videos, each between five and ten
minutes long, cover a key area of the Form 990, using facts from the case study.
The videos are listed in an order based on the sequencing list found on page 5 of
the Form 990 instructions. However, they can be viewed in any order.