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Thursday, April 15, 2021 Live Webcast

Intro to 60% of the 990's Most Common Schedules: A, B & C (X2-15241)

2:00 PM - 4:00 PM EDT
webcast

Vendor Platform

2.0 CPE Credits in TX

OVERVIEW

'C the BAD DoG' is a handy phrase denoting the Form 990's five most frequently applied Schedules. This session covers the first three of those: for 501(c)(3) organizations, the Schedule A; for both (c)(3)s AND many non-(c)(3)s, the Schedule B; and thereafter the Schedule C.

DESIGNED FOR

Public accounting tax and audit staff, and nonprofit organization's Treasurers, CFOs and finance/compliance staff

BENEFITS

After attending this presentation you will be able to...

  • Recognize Schedule A’s function for 501(c)(3) organizations
  • Realize that filers are to report the primary basis for their non-private foundation classification in the tax period being filed upon regardless of prior years' qualification
  • Identify the revenue input difference that distinguishes the two public support tests' evaluation of bottom-line "public support" percentage achieved over rolling five tax year periods
  • Appreciate the notion of "public support" as coming in whole or part from "diverse donors," and the how in the case of the first public support test this means that most large donors may have a set limit imposed by which only a portion of their donation(s) count as public support 
  • Identify the pertinent reporting conventions applicable in Schedule B for disclosing donors' contributions (including when donors' identity may not need be disclosed to either the IRS and  public inspection conventions when donors' identity is shared with the IRS ) 
  • Distinguish the conditions by which 501(c)(3) filers who employ the "no substantial part test" versus the 501(h)-elected-test are to complete Schedule C's Part II 
  • Identify the conditions by which a 501(c)(4), (5) or (6) filer will be required to report on receipts from dues-paying members to calculate impact of the "proxy tax" 

HIGHLIGHTS

The major topics that will be covered in this class include:

  • What every 990 preparer needs to know about the benefits of a 501(c)(3) organization being a so-called public charity rather than a private foundation (including understanding how Schedule A, Part I "claims" such qualification)  
  • The public policy precepts and resulting emphasis preparers must apply in approaching the predominant "public support test" in favor of completion of Schedule A's Part II 
  • The overarching needs behind preparing Schedule B for filing and, as necessary, its related worksheet: which donors are to be listed and with what identifying information required to be provided to the IRS, depending on 501(c) status of the filer; and what information 501(c)(3) filers will omit from the public inspection copy of the 990
  • Introduction to the baselines driving each of the Schedule C's three Parts: undertaking electioneering in favor of, or opposition to, candidates or the political parties supporting them (Part I); lobbying reporting when same is undertaken either in the tax year (for non-electors) or regardless of activities, when a 501(h) election is in place (Part II); and the existence of the so-called "proxy tax" and its demands when 501(c)(4), (5) or (6) organizations with dues-paying members incur electioneering or lobbying expenses as determined by a Code section that tracks non-exempt organization definitions

COURSE LEVEL

Basic

PREREQUISITES

None, although helpful to have some knowledge of how the Form 990 is structured

ADVANCE PREPARATION

None

INSTRUCTOR

Eve Rose Borenstein

Eve Rose Borenstein, J.D.

Eve Borenstein is a partner in Borenstein and McVeigh Law Office (BAM!) (www.bamlawoffice.com), a Minneapolis law firm and the base from which she conducts an extensive national federal tax practice serving tax exempt organizations. In her law practice (as well as through her teaching and speaking, addressed below) Eve works to assist nonprofit organizations with exemption qualification, corporate planning and overall compliance. By early 2015, she had represented more than 1,000 exempt organizations before the IRS.

Eve provided testimony to the U.S. House of Representative’s Ways and Means Oversight Sub‐Committee in July 2012 at their 2nd Hearing on Tax‐Exempt Organizations, commenting on the reach and efficacy of the Redesigned Form 990. She volunteers extensively with multiple professional committees, including the American Bar Association’s Tax Section Committee on Exempt Organizations and the American Institute of Certified Public Accountants’ Exempt Organization Technical Resource Panel. Eve was a key participant from the private sector in the IRS’ Redesign of the Form 990, and continues to provide extensive feedback to the IRS on both that Form and the Form 1023.

A dedicated teacher and speaker on non‐profit compliance mandates, Eve’s CPE teaching is conducted through a separate consultancy, Eve Rose Borenstein, LLC (www.taxexemptlaw.org). As of 2013, she is the co‐author (with CPA Jane Searing) of the AICPA’s Form 990 Course, Form 990: A Comprehensive Approach to Complete and Accurate Preparation. She enjoys instructing nonprofits directly as well as the professionals who serve the sector and is committed to “helping the sector do it right the first time!”

Eve’s professional path to the present began with exempt organizations tax work in the Minneapolis tax offices of Ernst &Whinney in 1985. From 1989 through 2003 she had a solo practice serving nonprofits nationally; a merger in 2004 with non‐profit attorney Ellen W. McVeigh created the BAM Law firm, which exclusively provides tax and corporate counsel (including employment law) to the nonprofit sector.

Eve welcomes your inquiries:
eve@BAMlawoffice.com / eve@taxexemptlaw.org
both e‐mails are interchangeable!
612.822.2677

PRICING

$69.00 - Member

$79.00 - Nonmember

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COURSE DEVELOPER

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