990 Law and Legal Definition

990 is an Internal Revenue Services (IRS) tax form. This document provides tax exemptions to non-profit organizations. Non-profit organizations like public charities are granted tax-exemptions every year through the filing of the form 990. This form allows the IRS, and the public to evaluate nonprofits and how they operate. A 990 form when filed by a private foundation, the form will be known as 990-PF.

Form 990 was redesigned in 2007. The redesigned form came into effect from 2009 tax filing for 2008. The redesign of Form 990 is based on three guiding principles:

1. enhancing transparency;

2. promoting tax compliance; and

3. minimizing the burden on the filing organization.