Descriptive information on new TEOS Improvements page
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:
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.
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