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Tuesday, December 15, 2020 Webcast

Finding & Reporting Form 990 Filers' Related Organizations (X2-15292)

4:00 PM - 6:00 PM EST

Webcast


Webcast , NJ

2.0 CPE Credits in TX

OVERVIEW

Mastery of the Form 990 requires ability to identify the filer's "related organizations" (indeed, doing so is THE FIRST preparation step called for in the 990 instructions!) This "990-term-of-art" employs four commonly-found categories: the first three utilize a 990-specific definition of "control" as the basis for determining related organizations due to their "parent," "subsidiary," or "sibling" status; and a fourth applies when a supporting organization is in the mix. This session will fully illuminate, with real-world examples, the full panoply of nuances that preparers confront in working with each of those four categories.

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...

  • Identify the principles by which control vests when determining parent-subsidiary, subsidiary-parent or brother-sister status between the filer and another not-for-profit entity
  • Identify how control vests over an entity that is a stock corporation
  • Appreciate the nuances of looking for "commonly controlled" related organizations (i.e., sibling organizations)
  • Apply diagrams of the most-common indirect control scenarios 
  • Understand what information is disclosed when reporting as a related organization: a not-for-profit who is tax-exempt in Schedule R, Part II; a corporation or trust in Schedule R, Part V, or an entity taxed as a partnership in Schedule R, Part III
  • Recognize the conditions in which transactions with a related organization will need have dollar details disclosed in Schedule R, Part V, line 2

HIGHLIGHTS

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

  • Exploring the reach of "parent-subsidiary" and "sibling" status when the party who is the subject of "control" is a nonprofit/nonstock entity: finding that the filer is "controlled" or that a third-party nonprofit is a related organization of the filer due to who it is "controlled" by
  • Understanding what is considered "control" when a party who would be the related organization is a stock corporation, partnership and/or LLC taxed as a partnership, or trust
  • The ramifications of applying the former in cases of related organization status vesting via indirect "control"  
  • The two automatic status categories of related organizations:  supporting organization connections (one entity being a 501(c)(3) with 509(a)(3) sub-classification from connection to another entity) and VEBA-unique categories 
  • Disclosures required on Schedule R's Parts II-V once the presence of one or more related organizations is ascertained
  • Part V additional disclosures when a filer has a related organization who is a "controlled entity" (this via 512(b)(13)'s UBIT-reach in the case of certain revenues from controlled organizations)
  • Review of the two 'other' Parts of Schedule R: Part I on disregarded entities, and Part VI on unrelated partnerships

COURSE LEVEL

Intermediate

PREREQUISITES

Helpful to have some familiarity with Core Form Part VII-A's reporting of compensation paid by related organizations

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

$0.00 - Student Member

$0.00 - CPA Candidate Member

Pre-Registration Closed

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ADDITIONAL OPTIONS

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COURSE DEVELOPER

CPA Crossings