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IRS Issues Tips for Reporting Executive Compensation on Form 990

Tax-Exempt Organizations Update

In our last alert, we advised readers of an update from the IRS with "tips" on preparing the new Form 990. The IRS has now issued a new update on properly reporting executive compensation on the redesigned Form 990. This new update is part of a series of tips that the IRS plans to issue regarding the redesigned Form 990 and its associated schedules.

In its new compensation tips, the IRS highlights the following issues:

  • Identifying which individuals an organization must list on the Form 990;

  • Explaining the calendar-year compensation reporting requirements;
  • Identifying which organizations need to complete Schedule J, which includes heightened compensation disclosures for certain individuals; and
  • Defining what types of compensation are to be reflected on the Form 990, including "reportable compensation," "other compensation," and "deferral of compensation."

This update is intended as a general summary of legal matters and not as specific advice to any particular client. If you have questions concerning the subject matter of this update, please contact your Quarles & Brady attorney.