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Tuesday, April 20, 2021 Live Webcast

Form 990 Schedule L, Transactions with Interested Persons (X2-15263)

5:00 PM - 7:00 PM EDT
webcast

Vendor Platform

2.0 CPE Credits in TX

OVERVIEW

Schedule L reports in two different directions: its primary reach extends to three categories of transactions with a filer's "Interested Persons": loans outstanding with them, grants or assistance being provided to them, and business transacted with them. It also reports on whether any prohibited (and thus subject to excise tax) intersections have occurred with impermissible parties.

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 that there is a hierarchy within Schedule L's Parts II, III and IV by which the three types of intersections are to be reported
  • Appreciate the far reach of the five uniform categories that are used to define baseline IPs in Parts II-IV 
  • Ability to distinguish when Part IV requires multiple business transactions with a particular IP to be reported based on each individual transaction's amount rather than based on all transactions' aggregated amounts
  • Identify the separate Part IV threshold that applies for reporting the fact of compensation being provided to a family member of an IP
  • Familiarity with identifying what constitutes a disclosable loan in Part II and the fact of a reportable grant or assistance in Part III

HIGHLIGHTS

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

  • Overview of the methodology that Schedule L employs in its Parts II, III and IV to cast sunlight on the fact of that an "Interested Person" (IP) remained engaged with the filer in loan arrangements, or was the beneficiary of grants or assistance from the filer, or had business transactions with the filer that exceeded de minimis thresholds   
  • Introduction to the five categories by which IP status vests in reporting on non-excise-tax reached intersections (i.e., the five categories that apply across each of Schedule L's Parts II-IV)
  • Explanation of the dollar-amount thresholds employed solely in Schedule L's Part IV (which is where disclosure of "business transactions" with IPs is required), along with preparation tips for this part
  • Summary of Schedule L's Part III instructions as to what constitutes the provision of grants or assistance to an IP 
  • Overview of the special rule educational institutions have allowing them to not disclose the names of their scholarship or fellowship recipients in Part III
  • The reach of Schedule L's Part II reporting on loans outstanding with IPs, along with  preparation tips for this part
  • Quick review of the Internal Revenue Code section 4958 excise tax scheme that 501(c)(3), (c)(4), and (c)(29) filers are subject to should they have conveyed "excess benefit" in any transaction with a disqualified person; and timing and disclosure considerations behind Schedule L's Part I                                                                   

COURSE LEVEL

Basic

PREREQUISITES

None

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

Pre-Registration Closed

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COURSE DEVELOPER

CPA Crossings