990, Is this an IRS Form or What? - Yes, the 990 is indeed an IRS Form

On Tuesday, February 26, 2008, Jen Vacha and Janet Ramey of Brown Smith Wallace presented valuable information about the new 990 form the IRS has developed for 2008. It is 59 pages in its entirety and full of accounting exercises all of us will have great fun doing.

Some areas that may need your attention are Schedule J (from question 23 on Part IV of the 990); Part VII of the 990 (which was formerly Schedule A); and Schedule D, (which is a new schedule and includes the reconciling item lines that were formerly on the basic 990 form).

Schedule J's data must tie back to W-2's and 1099's. Therefore, Schedule J is based on a calendar year, even though all the other information pertaining to the 990 is based on your nonprofit's fiscal year.

Part VII of the 990 also factors into Schedule J, and must tie to W-2's and 1099's.

Schedule D, "Supplemental Financial Statements" is triggered if you answered "Yes" to lines 6, 7, 8, 9, 10, 11 or 12 on Part IV of the 990.