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An analysis by Covington, Taxand USA
The US Treasury recently announced plans for the Internal Revenue Service (IRS) to revise Form 990, the annual disclosure return filed by tax‑exempt organisations. The proposed changes are intended to improve transparency and detect misconduct, with a particular focus on clearer reporting of government grants, government contracts, and fiscal sponsorship arrangements.
Treasury says enhanced disclosure in these areas will help reduce the risk of fraud and misuse of public funds and make it easier for regulators and the public to understand how charitable organisations receive and use money.
Tax experts, Susan Leahy and Christina Danberg Bubel from our USA member firm Covington, analyse what the proposed changes will mean for relevant organisations, which you can read in full here.
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