The new form goes into effect next year, when you file your tax returns for the 2008 fiscal year. There are a number of changes, but the IRS and local organizations are offering information, tips, and training so you will be prepared.

The has IRS now posted the complete revised instructions to the form 990 to their website. In addition to documents that detail all of the changes to the form and its instructions, the IRS also has come background information on the revision process. A previous update laid out some of the key changes.

For more information, the Chronicle of Philanthropy posted a summary and analysis of the key changes. Scott Russell from MinnPost has an article on rationale behind the changes and offers a few tips from Sondra Reis at MCN. She suggests a practice run - filling out the new forms with last year's information - and ensuring you have policies on topics the IRS is paying attention to (such as gift and whistleblower policies). You can look at our financial policy guidelines and example for some ideas.

There are also a number of upcoming trainings on these changes:

• Fredrickson & Byron and Francis & Associates are presenting a free seminar on August 21st
• MCN is offering a workshop, The New Form 990 on September 10th
• The Minnesota Society of CPAs is sponsoring trainings at in the metro, Duluth, and Fergus Falls

UPDATE: 

Nonprofit Accounting has compiled a to do list for the new 990.  Check it out and add your own suggestions.