The IRS is seeking public comments on its draft instructions for the redesigned Form 990 that organizations will file for their 2008 tax year (returns filed in 2009), which was released in final form in December 2007.
The IRS is seeking comments in an effort to ensure that the final instructions address the needs of the tax-exempt community. The comment period is open until June 1, 2008.
HFMA has joined with the American Health Lawyers Association, VHA, and the Catholic Health Association to establish a web site that will provide resources to hospitals and their staff responsible for the submission of the form, as well as legal and accounting professionals providing advisory services related to its completion. The web site link will be announced in the coming days. Key among the resources will be annotated versions of the form and the draft instructions. Those preparing comments to the IRS should find the annotations very helpful; they will also be a “must read” for those initiating processes and procedures to ensure proper completion of the form with its new Schedule H for hospitals. Read the press release.
