Form 990, "Return of Organization Exempt From Income Tax," is filed by nonprofits with the Internal Revenue Service. In 2006, an estimated 400,000 nonprofits filed Form 990, WSJ said.

Since 1999, the form has been accessible online for the public to review, a tool that lets donors and media alike hold charitable organizations accountable. But the form is criticized for being too long -- at least 15 pages -- with over 100 line items of information in haphazard order, making it difficult for both the tax preparer and reader.

The IRS intends to give the form a "core" section with essential information and also plans to eliminate repetitive queries and clarify instructions.

The IRS is open to public comment on the redesign for three months starting in June. It has not disclosed when the new form will be completed.

WSJ said the redesign does not affect Form 990-PF, which is filed by private foundations that don't raise money from the public.