You'd think that being tax-exempt would mean you'd be exempt from filing a tax form.

But when it comes to the world of not-for-profits, nothing is further from the truth. Enter the IRS Form 990, a tax-filing document that is the tax-exempts' equivalent to the more familiar Form 1040"”except it can run up to 50 or more pages of complex statements and accountings.

With many not-for-profits looking toward the Internal Revenue Service's final Nov. 15 deadline to file the Form 990, now is the time for agency executives"”as well as the CEOs who sit on these agency's boards and assume at least some fiscal responsibility"”to sit up and take notice.

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