The nonprofit sector is bracing for significant changes to annual information return requirements. On April 23, 2026, the U.S. Department of the Treasury announced that the IRS will revise Form 990 for tax-exempt organizations under section 501(c)(3) of the Internal Revenue Code.

The Treasury Department has announced that the IRS plans to revise the Form 990 to improve transparency, strengthen tax administration, and provide clearer reporting on certain activities of tax-exempt organizations described in section 501(c)(3) of the Internal Revenue Code.

The IRS is expected to issue regulations revising Form 990, the annual information return required of tax-exempt organizations. The changes are intended to clarify how charitable dollars are spent, but could also create new administrative and reporting burdens for organizations.

This report provides a detailed update and analysis on the scale and scope of funding for communities of color that makes use of data from Candid on final grants for 2019–2023.

Foundation leaders say charitable organisations could be next in the firing line – but must ‘stand together’ to resist.