TRANSITIONAL RULES FOR SMALLER NOT-FOR-PROFIT ORGANIZATIONS

As part of the information included in the draft of the instructions for the 2008 Form 990, the Internal Revenue Service provided transitional rules for smaller not-for-profit organizations.

- These organizations may file Form 990EZ if both gross receipts and assets fall within certain parameters.
- For the 2008 filing year, a Form 990 EZ may be filed if gross receipts are greater than $25,000 and less than $1,000,000, and assets are less than $2,500,000.
- For the 2009 filing year, the limits change so that organizations with gross receipts greater than $25,000 and less than $500,000 and assets less than $1,250,000 may file the Form 990EZ.
- And for filing years 2010 and later, the gross receipts should exceed $50,000, but be less than $200,000, with assets less than $500,000.

A draft of the 2008 Form 990 EZ can be found on the IRS website.

Ms. O'Malley may be reached directly at pomalley@rubino.com. For more information about Rubino & McGeehin, please visit http://www.rubino.com/ or call 301.564.3636.