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This article examines the recent significant changes to the Form 990 information return for tax-exempt organizations. Specifically, we address those changes to the return that may impact the health care industry. The Internal Revenue Service (IRS) argues the redesign of the Form 990 is based on the following three principles: enhancing transparency, promoting tax compliance, and minimizing the burden on the filing organization. It has yet to be determined whether the significant reorganization of the informational return will benefit the stakeholders of the health care industry. We argue that these changes are a step in the right direction in providing necessary disclosure for policymakers and federal regulators. Key words: financial reporting, tax return, transparency, regulation, Form 990, hospitals., The most sweeping tax return changes in the last 25 years recently occurred within the Form 990 (Return of Organizations Exempt From Income Tax). Government regulators have finally answered the [...]