On Feb. 12, 2010, the Internal Revenue Service released the updated 2009 Form 990, schedules and instructions, which apply to fiscal years that begin in 2009. The 2009 changes address several critical areas including the governance, compensation and interested person transaction sections. These updates to the recently revised Form 990 provide additional direction on key governance and compensation questions, reporting items and disclosures. The changes give further evidence that the IRS continues to reinforce the need for better transparency and good governance.