IRS – New Form 990 Preparation Checklist

For the first time in 30 years, the IRS has redesigned the Form 990 to reflect significant changes in the tax law and non-profit sector. To help tax-exempt organizations and practitioners prepare to file the new 990 for the 2009 tax year, below is a checklist of important activities.

      Determine whether you are eligible to file the Form 990-EZ for 2009

      Review the redesigned Form 990 released in December 2009

      Review the Form 990  instructions

      Identify the schedules that you need to complete

      Identify key internal stakeholders to involve to complete the form, including finance, program leaders, fundraisers, PR/government relations, and HR

      Identify key external stakeholders to involve to complete the form, including directors, board members, trustees, grant makers, accountants, and lawyers

      Assign an internal leader to coordinate 990 preparation

      Identify your related organizations and ODTKEs (officers, directors, trustees, key employees)

      Be prepared to answer new questions about governance, executive compensation, and insider transactions

      Determine your overseas and joint ventures activities

      Establish or modify internal systems to prepare for filing season

The redesigned Form 990, instructions, resources, and tools can be found on the IRS Web site at www.irs.gov/charities, as well as other helpful materials at www.stayexempt.org.

Publication 4740 (01-2009) Catalog Number 52754F