The Internal Revenue Service released draft instructions to its new Form 990 on April 8 that highlight requirements for compensation disclosure and independent status of board members. Public suggestions on the draft will be accepted until June 1. The 2008 form is significantly different from previous versions. The instructions clarify a “key employee” as one who earns at least $150,000 in compensation, has influence over the group, and manages at least a 5 percent segment of the organization. But other employees who earn over $100,000 can also be included, explained Deborah Kosnett CPA, tax principal at Tate & Tyron, an accounting firm specializing in tax exempt… Read More