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Sent to you by pakurilecz via Google Reader: Tax-exempt organizations -
the IRS wants you to think about record retention policies via
E-Discovery Bytes by [log in to unmask] (Angela Wellsmith) on 3/26/09


Commenting on tax forms, Albert Einstein once said, "This is too
difficult for a mathematician. It takes a philosopher."

Einstein might appreciate the latest changes in filing for tax-exempt
organizations. In an attempt to foster transparency and ease the filing
organization's administrative burden, the IRS recently redesigned the
Form 990 (the annual information return that most tax-exempt
organizations are required to file). The redesign asks a variety of
questions regarding the filing organization's governance, including the
question, "Does the organization have a written document retention and
destruction policy?"

Although a portion of the new governance section "asks [for]
information about policies and practices that are not required by
federal law," the Sarbanes Oxley Act imposes criminal liability on
organizations, including tax-exempt organizations, that destroy records
with the intent to obstruct a federal investigation. Many tax-exempt
organizations have responded to the Sarbanes Oxley Act by adopting and
implementing record retention policies. The IRS recommended that
organizations "review[...] the new governance questions, which
generally must be answered based on policies and practices in place on
or before the last day of the 2008 tax year."

If your organization must check the "no" box for 2008 , consider
implementing a policy for the 2009 tax year. Whether your organization
deals with mathematicians, philosophers or neither, it's good business
practice for your tax-exempt organization.

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