Authored by Eve Rose Borenstein, J.D. & Jane M. Searing, CPA, M.S. Taxation
About this Course
Enhance your understanding of basic tax information and not-for-profit organization issues you need to prepare the current Form 990. This CPE course covers the numerous tax reporting demands the 990 imposes, including how to respond to its inquiries. You will gain the knowledge necessary to complete Form 990s properly and advise exempt clients on the Form's complexities and demands.
Learning Objectives
Recognize instances in which an organization is required to file a Form 990 instead of a Form 990-EZ or 990-N
Recognize the detail sought by the IRS in reporting on program service accomplishments in Part III of the Core Form 990
Recall the accounting conventions (and methods) required for reporting financial information on Parts VIII through X of the Core Form
Recognize the impact that Schedule L reporting has on the independence of a filer's voting board members
Identify where to access data necessary for completion of the Form 990
Identify the principle by which control vests when determining parent-subsidiary or brother-sister status betwen the filer and another incorporated entity
Recognize the three triggers that lead to the Schedule J filing requirement
Identify when compensation provided to contractors is reportable on the Core Form, Part VII, Section B
Distinguish where the filing organization's financial information is to be properly reported on Parts VIII, IX, X, XI, XII of the 990 Core Form
Identify when a change in conduct of program services is considered significant and must be disclosed on Line 2, Part III of the Core Form
Identify the four types of transactions that require reporting on Schedule L
Describe the definitions of interested person applied to each part of Schedule L
Recognize the importance of making expanded disclosures via narration on Schedule O for many of the various governance discolsures required on Part VI of the Core Form
Key Topics
Program Service Accomplishments and Reporting Changes
Reporting on Managers and Their Compensation
Reporting on Governance
Further Disclosures Specific to an Entity’s Circumstances (Core Form 990 Part IV Delineating Additional Schedules Required)
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