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									Part I. Rulings and Decisions Under the Internal Revenue Code
of 1986
Section 817.—Treatment                                   the advance ruling process for new orga-       income tax under section 501(a) are gener-
of Variable Contracts                                    nizations, change the public support com-      ally required to file an annual information
                                                         putation period for organizations described    return reporting gross income, receipts,
26 CFR 1.817-5: Diversification requirements for         in sections 170(b)(1)(A)(vi) and 509(a)(1)     disbursements and such other information
variable annuity, endowment, and life insurance con-     and in section 509(a)(2) to five years, con-   as the IRS requires. Certain exceptions
                                                         sistent with the revised Form 990, and clar-   to this filing requirement apply. For ex-
   This notice provides guidance that an insur-          ify that support must be reported using the    ample, churches are not required to file
ance-dedicated money market fund’s participation         organization’s overall method of account-      annual information returns. The Treasury
in Treasury’s Temporary Guarantee Program for            ing. All tax-exempt organizations required     regulations direct that the annual infor-
Money Market Funds won’t result in a violation of        under section 6033 of the Internal Revenue     mation return shall be filed on Form 990,
the section 817(h) diversification requirements in the   Code (Code) to file annual information re-     “Return of Organization Exempt From
case of a segregated asset account that invests in the
                                                         turns are affected by these temporary reg-     Income Tax” or Form 990–PF, “Return of
insurance-dedicated money market fund. See Notice
2008-92, page 1001.                                      ulations. The text of these temporary reg-     Private Foundation or Section 4947(a)(1)
                                                         ulations also serves as the text of the pro-   Nonexempt Charitable Trust Treated as
                                                         posed regulations (REG–142333–07) pub-         a Private Foundation.” The regulations
Section 6033.—Returns by                                 lished in this issue of the Bulletin.          further specify certain information to be
Exempt Organizations                                                                                    reported on the return.
                                                         DATES: Effective Date: These regulations           The IRS revises forms and instructions
26 CFR 1.6033–2: Returns by exempt organizations         are effective on September 9, 2008.            on an annual basis to reflect changes in the
(taxable years beginning after December 31, 1969)           Applicability Date: These regulations       law and evolving tax administration needs.
and by certain nonexempt organizations (taxable          apply to taxable years beginning on or after
years beginning after December 31, 1980).
                                                                                                        On December 20, 2007, the IRS released
                                                         January 1, 2008.                               a redesigned Form 990. The Form 990
                                                                                                        had not been significantly revised since
T.D. 9423                                                FOR    FURTHER           INFORMATION
                                                                                                        1979, and both the IRS and stakeholders
                                                         CONTACT: Terri Harris at (202)
                                                                                                        regarded the form as needing major revi-
Department of the Treasury                               622–6070 (not a toll-free number).
                                                                                                        sion to keep pace with changes in the law
Internal Revenue Service                                 SUPPLEMENTARY INFORMATION:                     and with the increasing size, diversity, and
26 CFR Parts 1 and 602                                                                                  complexity of the exempt sector. The new
                                                         Paperwork Reduction Act                        form incorporates many recommendations
Implementation of Form 990                                                                              made in public comments on the discus-
                                                             The collection of information contained    sion draft released on June 14, 2007. With
AGENCY: Internal Revenue Service                         in these temporary regulations has been        the exception of certain smaller organiza-
(IRS), Treasury.                                         reviewed and approved by the Office of         tions for which there is a graduated transi-
                                                         Management and Budget in accordance            tion period, organizations must begin us-
ACTION: Final and temporary regula-                      with the Paperwork Reduction Act of 1995       ing the new form for the 2008 tax year
tions.                                                   (44 U.S.C. 3507(d)) under control number       (returns filed in 2009). The current Form
                                                         1545–2117. An agency may not conduct           990 will be used for tax year 2007 (returns
SUMMARY: This document contains fi-                      or sponsor, and a person is not required       filed in 2008) but will be replaced with the
nal and temporary regulations necessary to               to respond to, a collection of information     redesigned Form 990 beginning with the
implement the redesigned Form 990, “Re-                  unless it displays a valid control number      2008 tax year. Earlier this year, the IRS re-
turn of Organization Exempt From Income                  assigned by the Office of Management           leased draft instructions for the new form
Tax.” The final regulations contained in                 and Budget. Books or records relating to a     and schedules for public comment.
this document make only nonsubstantive                   collection of information must be retained         These regulations make the revisions
revisions to comply with Federal Regis-                  as long as their contents may become ma-       that must be made to the regulations under
ter requirements. The temporary regula-                  terial in the administration of any internal   sections 6033 and 6043 of the Code to
tions make revisions to the regulations un-              revenue law. Generally, tax returns and        implement the Form 990 redesign. For ex-
der section 6033 and section 6043 to al-                 tax return information are confidential, as    ample, the regulation that currently gives
low for new threshold amounts for report-                required by 26 U.S.C. 6103.                    organizations a choice of using either the
ing compensation, to require that compen-                                                               calendar year or the organization’s an-
sation be reported on a calendar year ba-                                                               nual accounting period as the basis for
sis, and to modify the scope of organiza-                Form 990                                       reporting compensation of officers, direc-
tions subject to information reporting re-                                                              tors, trustees and certain employees and
quirements upon a substantial contraction.                  Under section 6033 of the Code, or-         contractors is revised to require calendar
The temporary regulations also eliminate                 ganizations that are exempt from Federal       year reporting. Revisions are also made

2008–43 I.R.B.                                                             966                                             October 27, 2008
to allow for new threshold amounts for          if it normally receives at least 10 percent of      The effect of the current rule rega
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