New Form 990 Adopted for 2008

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Estate Planning Bulletin

02.01.2008

Craig G. Dalton Jr.

On December 20, 2007, the IRS released a new, revised Form 990, Return of Organization Exempt from Income Tax, to be filed for the 2008 and subsequent tax years. This is the first significant revision of the Form 990 since 1979. The revised form seeks to reflect changes in the law, as well as to provide appropriate reporting requirements for the increased size, diversity and complexity of exempt organizations today. The new Form 990 is significantly changed from the previous version and includes five new schedules. Transitional relief on using the new form is provided for hospitals, tax-exempt bond issuers and smaller organizations. Instructions for the form have not yet been released but are expected to be released in early 2008. The old Form 990 will continue to be used for the 2007 tax year. The new form does not apply to private foundations. They will continue to use the Form 990PF.

*Circular 230 Disclosure To ensure compliance with requirements imposed by the IRS, unless specifically indicated otherwise, any tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, for the purpose of avoiding tax-related penalties or promoting, marketing or recommending to another party any tax-related matter addressed herein.

Physical Address: 301 Fayetteville Street, Suite 1900, Raleigh, NC 27601

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02.01.2008