The optional reporting of Announcement 2012-19 should be made permanent on the Form 990, according to the American Institute of CPAs.
Under Announcement 2012-19, it is now optional for filers of Forms 990 and 990-EZ, for tax year 2011, to report their interests in the income, expenses, and assets of joint ventures and other partnerships in which they have an ownership interest using information from Form 1065.
The suggestion is categorized by the AICPA as “high priority,” and is one of 17 recommendations submitted by the Institute to the IRS on how to improve the form on which tax exempt organizations report required information annually.
Other recommendations receiving a high priority rating relate to the lack of a definition for audited financial statements in the instructions; the requirements for reporting income from partnerships; and the granting of funds by one domestic charity to another domestic charity for use abroad.
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