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August 18, 2008 - The Internal Revenue Service (IRS) announced that it has completed review of public comments on the new Form 990 draft instructions and expects to post revised instructions.
The revised Form 990 instructions include explanations of each change stemming from the draft instructions released last spring. The comment period closed on June 1. The revised instructions include an updated definition of a key employee for purposes of reporting executive compensation. According to an IRS statement, a three prong definition will be used to define key employee requiring 1) reporting of only those persons other than officers, directors and trustees who had compensation exceeding $150,000 a year; 2) shared organization wide control similar to that of an officer, director or trustee or; 3) were within the organization’s top 20 highest paid persons for that year, exceeding $150,000 with the responsibility level listed in the second prong. Other changes can be reviewed at the following link.
NASCUS will review the revised Form 990 instructions and provide further reports.
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