The IRS is developing a technology solution that would streamline its ability to release digital copies of the Form 990 tax information filings. An announcement about the option comes from a U.S. district court ruling that ordered the IRS to produce digitally readable Forms 990 of nine organizations. Currently, the IRS releases digital copies of Forms 990 as image files.
A recent article by Tampa Bay Managing Director, Betty Isler, discusses how the new software would produce versions of the Forms 990 in the Metadata Exchange Format, also known as a machine-readable format and remove any personally identifiable information from the Form 990. It is slated for release in early 2016.
The announcement indicates the IRS is preparing to respond to more requests for Forms 990 in digitally readable files. Not-for-profit organizations should prepare for the demand as well. Digitally readable files make Forms 990 easier to aggregate, and allowing not-for-profits, the public, and other interested parties additional ways to compare not-for-profits to one another.
For more information about how these Form 990 developments could affect your organization, please contact Betty at firstname.lastname@example.org or 727.572.1400.