The new discussion draft Form 990, dubbed "the biggest thing the Exempt Organizations Division at the IRS has done in the last quarter century," by division director Lois Lerner, could be both a boon and a burden for preparers.The Internal Revenue Service hopes that the form, already released for comment, will be ready for use for tax year 2008.

"The tax-exempt sector has changed markedly since Form 990 was last overhauled more than a quarter of a century ago," said Acting IRS Commissioner Kevin Brown. "We need a Form 990 that reflects the way this growing sector operates in the 21st century. The new 990 aims to give both the IRS and the public an improved window into the way tax-exempt organizations go about their vital mission."

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