Updates on Form 990

Kelly Bissinger of TaxLawRoundUp.com recently posted a short synopsis of the redesigned Form 990 that became effective on September 8, 2011 and will apply to the tax years starting January 1, 2008. Some of the important points of the update are that new threshold amounts for reporting compensation are now made permanent, that required compensation is to be reported on a calendar-year basis, and the elimination of the advance ruling process for public charity or private foundation status.