Identifying the "right" people who fit Trustee/Director, Officer, or Key Employee status (the key pool of "managers" the IRS disclosures, a/k/a "TDOKEs"), is essential to appropriate Form 990 reporting. Indeed, Part VII-A is the first Part of the 990's three-legged stool of high-interest, non-financial statement disclosures.
Public accounting tax and audit staff, and nonprofit organization's Treasurers, CFOs and finance/compliance staff
After attending this presentation you will be able to...
- Readily identify the three classes of legally or quasi-legally in-charge managers who are required to be disclosed on the filing for the tax year being reported upon
- Recognize the "reportable compensation" thresholds by which employees fall into consideration as either Key Employees or High 5s (as well as "former" TDOKEs)
- Distinguish the mandatory three versus all other nontaxable remunerative benefits to be reported as "other compensation" provided to current and former TDOKEs and High 5s
- Apply the $10,000 'per type' reporting exception for certain items of “other compensation” and understand the exception is not in place for Schedule J
The major topics that will be covered in this course include:
- Definitions behind the three classes of legally or quasi-legally in-charge managers who are required to be disclosed as current managers relative to each Form 990's tax year
- Identifying what makes someone a "High 5"
- Drilling into the "reportable compensation" thresholds by which employees fall into consideration as either current Key Employees or High 5s, as well as former TDOKEs
- Explanation of the two “buckets” of disclosable compensation required to be reported as having been provided to all current and former managers (and High 5s) who are required to be disclosed on Part VII-A
- The two "$10,000" exceptions on Part VII-A: voiding need to disclose a related organizations' reporting (based on amounts) of "reportable compensation"; and voiding non-mandatory "other compensation" by type
None, although helpful to have some knowledge of how the Form 990 is structured