The Treasury Department and the IRS have announced plans to revise Form 990, the primary disclosure form for tax-exempt organizations. The stated goal of the revisions is to “improve transparency, strengthen tax administration, and provide clearer reporting on certain activities of tax-exempt organizations.” That’s in keeping with the idea that when organizations receive public funds or tax-deductible contributions, the expectation is that they can clearly show—at least to the IRS—where the money comes from, who controls it, and how it is used. (Schedule B of the current 990, which discloses donors names and addresses to the IRS, is generally redacted before it’s made public.)

What exactly will change is not yet clear. Treasury was skimpy on specifics—this is still in the early stage. The IRS says it will issue proposed regulations and solicit public comments before finalizing any changes.

Form 990 is an annual information return that most tax-exempt organizations must file with the IRS for both compliance and public disclosure. For calendar-year organizations, the filing due date is May 15 of the year following the tax year (similar to the April 15 deadline for individuals).

The form generally requires reporting on an organization’s mission, governance, compensation practices, and detailed financial information, including revenue, expenses, and program activities. The specific filing requirements largely depend on an organization’s size and type.

Form 990 is required for larger tax-exempt organizations—generally those with gross receipts of $200,000 or more, or total assets of $500,000 or more. In addition to information about receipts and expenses, the form includes reporting on governance (such as key policies, including conflict-of-interest and whistleblower protections) and how executive compensation is set and paid. Form 990 also requires supplemental schedules, depending on the type of organization. For example, organizations report significant contributors on Schedule B and grants to others on Schedule I. Additional schedules focus on areas such as foreign activities (Schedule F), fundraising (Schedule G), insider transactions (Schedule L), and related entities (Schedule R), while Schedule O provides narrative explanations across the form. Even without those schedules, the form is quite detailed—it’s 12 pages long (compare that to your schedule-less 1040, which is just two pages long).

Form 990-EZ is a simplified, shorter version intended for mid-sized organizations—those with gross receipts under $200,000 and total assets under $500,000. It still requires basic financial information and some operational disclosures, but with less detail. Fewer schedules are........

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