IRS to Hold Town Meeting for Non-Profits

WASHINGTON - The Internal Revenue Service will hold a town meeting in Washington, D.C., on Friday, May 22, 1992, to discuss current developments affecting reporting requirements for tax-exempt organizations.

The purpose of this meeting is to bring together representatives of the accounting profession, state officials responsible for regulating charities, the interested public and the IRS to share ideas on new developments.

IRS is aware that current and unforeseeable changes in the non-profit accounting field could affect the future design, content and format of the Form 990, Return of Organization Exempt from Income Tax. The form is used for both state and federal reporting purposes. Some of these changes include the treatment of deferred revenue and capital additions, as well as issues related to fund raising and public education campaigns. IRS' goal is to maintain the 990 in a stable format which meets the needs of all involved.

IRS is considering introducing electronic filing of the Form 990 in the future and will demonstrate aspects of that process at the meeting.

Of equal importance on the agenda is a discussion of the new draft of a major revision of the Form 990-T, Exempt Organization Business Income Tax Return.

Interested persons should send written comments on any of the agenda items and requests to offer brief remarks at the meeting by May 19, 1992, to:

Assistant Commissioner
(Employee Plans and Exempt Organizations) E
1111 Constitution Ave., NW
Washington, DC 20334
Attention: Jane Baniewicz Room 3408

The meeting is from 9:00 a.m. to 1:00 p.m. in the IRS Auditorium, 7th floor, IRS National Office, 111 Constitution., NW. The meeting is open to the public, but space is limited and reservations are necessary. To make a reservation, call (202) 566-3171 (not toll-free) by close of business May 20, 1992.

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