Description
This course helps the tax practitioner navigate the complex world of Form 990.
Designed For
- CPAs
- Attorneys
- Not-for-profit managers
Objectives
- Recognize filing requirements for the different Form 990s.
- 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-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 Form 990.
- Distinguish where the filing organization's financial information is to be properly reported on Parts VIII, IX, X, XI, and XII of the 990 Core Form.
- Recognize the importance of making expanded disclosures via narration on Schedule O for many of the various governance disclosures required on Part VI of the Core Form.
Highlights
- 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, which delineates additional schedules required)
- Financial information reporting
- Sequencing and completing the return
- Board of directors' discussion of Form 990
- Related organizations
- Transactions with interested persons
- Form 990's common schedules
- Other IRS filings and tax compliance