November 5, 2007

IRS proposes Form 990 revisions

The Internal Revenue Service has issued proposed changes to Form 990, which is filed by many tax-exempt organizations including teaching hospitals. Under the proposals, hospitals filing Form 990 would be required to complete Schedule H, which attempts to collect information on the organization's community benefits, among other things. "Health professions education" and "research" are counted as community benefits. The IRS intends to finalize the forms later this year and have them ready for use for the 2008 filing year (returns filed in 2009). The AAMC is reviewing the forms and plans to submit comments. Comments must be received by Sep. 14. For more information, please visit
http://www.irs.gov/charities/article/0,,id=171216,00.html.

 

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