The IRS is reminding tax-exempt organization and their tax preparers, that “for the first time in 30 years, the IRS has redesigned the Form 990.”

Below is a checklist provided by the IRS to help with the preparation of the new form 990.

√ Determine whether you are eligible to file the Form 990-EZ for 2008

√ Review the redesigned 2008 Form 990 released in December 2008

√ Review the final instructions released in December 2008

√ Identify the schedules that you need to complete

√ Identify the key internal stakeholders to involve to complete the form, including finance, program leaders, fundraisers, PR/government relations, and HR

√ Assign an internal leader to coordinate 990 preparation

√ Identify your related organizations and ODTKEs (officers, directors, trustees, key employees)

√ Be prepared to answer new questions about governance, executive compensation, and insider transactions

√ Determine your overseas and joint venture activities

√ Establish or modify internal systems to prepare for filing season

A detailed explanation of the changes between the 2007 and 2008 forms is also available.