IRS Releases Final Form 990 With Changes for Joint Ventures

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IRS releases the final Form 990 for 2011, which includes significant changes in key areas for exempt organizations, such as joint ventures and investment partnerships, activities and investments directed toward foreign countries, reportable compensation, and hospitals. Ron Schultz, PricewaterhouseCoopers's managing director, says the area PwC is currently looking at most closely—and that seems to raise the most significant compliance challenges for a large number of organizations—is the new reporting regarding an organization's joint ventures and investment partnerships.