IRS provides enhanced access to Form 990 series data

The IRS today announced enhanced public access to Form 990 series data by providing a range of descriptive information on the new Tax Exempt Organization Search (TEOS) Improvements page. 

According to today’s IRS transmittal message, the new page features: 

• A comprehensive list of TE/GE public disclosure datasets that offers an overview of the available datasets on IRS.gov.
• Dataset guides that outline the type of data available, usage, data format and update schedules to aid users in understanding and utilizing the data effectively.
• Data dictionaries and indices that identify column headers and data elements in each dataset that provide clarity on the content and structure of the data.
• Annotated forms that illustrate the relationships between form field names and datasets.
• Redacted schemas tailored for non-software developers that simplify the understanding of the raw XML data files.
• A compiled “frequently asked question” (FAQ) document that addresses common inquiries and concerns regarding disclosure, datasets, and related topics.

These resources aim to improve accessibility and facilitate the public’s use of Form 990 series data, in addition to enhancing transparency and understanding within the tax-exempt community.

KPMG observation

Form 990 series returns are important tools for disclosure and transparency for tax-exempt organizations, providing information about the operations of the organizations not only to federal and state regulators, but also to other stakeholders, including donors, beneficiaries, and the public.

Form 990 series returns must be made publicly available both by the IRS and by tax-exempt organizations. Organizations that fail to file the required Form 990 series return may be penalized; those that fail to file for three consecutive years will lose their tax-exempt status.
 

For more information, contact your usual KPMG tax professional or one of the following Washington National Tax professionals:

Ruth Madrigal | ruthmadrigal@kpmg.com

Preston Quesenberry | pquesenberry@kpmg.com