Treasury announces Form 990 initiative
April 27, 2026 / By ICBA
The Treasury Department announced that the IRS plans to revise the Form 990 to improve transparency related to tax-exempt organizations.
Details: Treasury said:
The initiative will provide clearer reporting on certain activities described in section 501(c)(3) of the Internal Revenue Code, including government contracts, government grants, and fiscal sponsorship arrangements.
Clearer reporting in government grants and contracts can help the IRS and the public better understand the sources and uses of that funding; support proper revenue classification; and reduce the risk of fraud, abuse, and misuse of taxpayer dollars.
It expects to publish proposed regulations and provide an opportunity for public comment before any reporting changes are finalized.
Credit Union Exemption: ICBA has repeatedly called on Congress to require federal credit unions to file 990s to provide transparency into their expenditures.
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