Newly redesigned Form 990 proves taxing for nonprofit shelters filing with the IRS

SKYHOBO/ISTOCK

Each year, while millions of Americans slave over their Forms 1040, nonprofit animal shelters are working on their Forms 990.

The annual return that certain federally tax-exempt organizations have to file with the Internal Revenue Service (IRS) underwent a major redesign in 2007. The process has gotten a little more complicated for nonprofits, and that has some shelter administrators scrambling to get up to speed on the changes.

The form provides the IRS and the public with a window into an organization’s mission, programs, and finances.

With some exceptions, federally tax-exempt nonprofits that have incomes of more than $25,000 have to file a Form 990. So do all 501(c)(3) private foundations, no matter their income level.

 Read the full article.