Guidance Documents

IRS Releases New Form 990 Instructions

The IRS has released revised instructions for the redesigned Form 990 for the 2008 tax year, along with additional background documents to help nonprofits make the transition to the new form. Adjustments were made in several areas, including narrowing the definition of key employee and the standard for determining independence of board members. The new form consists of an 11-page, 11-part core form and related schedules. Schedule D contains revised reporting requirements for conservation easements.

IRS Releases Revised Publication 557

Land trust board members and executive directors should be aware of the newly revised IRS Publication 557 – Tax-Exempt Status for Your Organization (June 2008) – that incorporates numerous changes in law from the Pension Protection Act of 2006 affecting tax-exempt organizations. Of particular interest are the appeal procedures, annual reporting requirements, sample organizational documents, and changes to reporting on Form 8282 (disposition of a charitable gift). The publication also discusses quid pro quo donations, contemporaneous acknowledgement letters and taxes on excess benefit transactions.

Download IRS Publication 557 (PDF, 1.3MB)

Charitable Contributions: Substantiation and Disclosure Requirements; IRS publication 1771

Contemporaneous Written Acknowledgement of an Easement Gift. If you are: a) an organization that receives contributions of $250 or more, b) an organization that provides goods or services to donors who make contributions of more than $75, or c) you are a donor who makes contributions to a charity, this pamphlet will explain how to comply with acknowledgement rules.

Download IRS Publication 1771 (PDF, 200KB)