• IRS Issues Tips for Reporting Executive Compensation on Form 990
  • May 15, 2009 | Authors: Elaine Waterhouse Wilson; Krupa Shah
  • Law Firm: Quarles & Brady LLP - Chicago Office
  • In our last alert, we advised readers of an update from the IRS with “tips” on preparing the new Form 990. The IRS has now issued a new update on properly reporting executive compensation on the redesigned Form 990. This new update is part of a series of tips that the IRS plans to issue regarding the redesigned Form 990 and its associated schedules. If you are interested in receiving these updates and other news of interest to tax-exempt organizations, you may subscribe to the IRS Exempt Organizations updates mailing list.

    In its new compensation tips, the IRS highlights the following issues:

    • Identifying which individuals an organization must list on the Form 990;
    • Explaining the calendar-year compensation reporting requirements;
    • Identifying which organizations need to complete Schedule J, which includes heightened compensation disclosures for certain individuals; and
    • Defining what types of compensation are to be reflected on the Form 990, including “reportable compensation,” “other compensation,” and “deferral of compensation.”