The Department of Treasury has issued final regulations to implement the redesigned Form 990, Return of Organization Exempt From Income Tax. The final regulations are revised to allow for new threshold amounts for reporting compensation, to require reporting of compensation on a calendar year basis, and to modify the scope of organizations subject to information reporting requirements upon a substantial contraction.

The regulations also eliminate the advance ruling process for new organizations, change the public support computation period for publicly supported organizations to five years, consistent with the revised Form 990, and clarify that support must be reported using the organization's overall method of accounting.