Wow! 2009 is rapidly moving along already. It seems as if I was just anticipating Christmas, and now January has almost escaped me. For those of us in the nonprofit sector, just like all those individuals out there anxiously anticipating refunds, this time of year brings with it the joys of tax season as well. While most nonprofits classified under IRC 501(c)(3) are exempt from paying any federal income taxes, barring any unrelated business income, we still must be diligent in filing our annual information returns.

As I””m sure you””re aware, the 2008 Form 990 is a highly revised document. Many who have effortless (yeah, right) filed their organization”’’s 990 each year will have to undertake new training to understand all the changes that are made to this year”’’s form. The biggest areas of revision are compensation detail and a section on organizational governance. While the new form, which consists of an 11 page core form followed by 16 schedules, can seem daunting; with a little study time or the assistance of a professional you can effortlessly make it through yet another reporting period. Keep in mind that the returns are due by the 15th day of the 5th month following your fiscal year”’’s end, and avoid those dastardly $20 per day late penalties.

Good luck!