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IRS updates form for tax-exempt groups

www.knoxnews.com

In welcoming revisions to the Internal Revenue Service Form 990 in December, U.S. Sen. Charles Grassley, R-Iowa, described the form as the only document tax-exempt groups must file with the IRS in exchange for billions of dollars in tax breaks.

The form has undergone its first significant revision since 1979, with changes aimed at meeting public demands for increasing transparency and accountability from charities exempt from paying taxes to the federal government.

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