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Thursday, January 26, 2023 Live Webcast

Form 990 Parts V (Other Tax Issues) & I (Financial Summary) (X2-29182)

11:00 AM - 12:30 PM EST
webcast

Vendor Platform

1.5 CPE Credits in TX

OVERVIEW

Session 9 of Borenstein's Form 990 Foundational Series: This session focuses first (and primarily) on Part V, providing explanation of each inquiry from two perspectives – the line’s underlying compliance requirement, and the business need ramifications they generate. Part V invokes multiple compliance points set out in federal tax law (such as payroll tax obligations, and donors’ ability to access charitable contributions deductibility) that are not elsewhere addressed in the 990's Core Form or Schedules.

DESIGNED FOR

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

BENEFITS

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

  • Identify the "gotcha" questions in Part V: (1) regarding payroll tax reporting (including back-up withholding), (2) need to file unrelated business income tax returns, and (3)disclosures related when soliciting and/or receiving certain contributions
  • Apply overview background information to be able to inform filers of their basic business needs that arise outside of IRS enforcement of Form 990 filing obligation
  • Assist filers in appreciating both e-filing mandates and common misunderstandings of what conditions yield a true "common paymaster"
  • Identify where filers should be apprised of need for additional tax advice

HIGHLIGHTS

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

  • Addressing Part V's additional tax compliance points for 990 filers (i.e., statutory requirements outside of those that relate to maintaining tax-exemption-qualification)
  • Substantive background on the underlying line-specific tax needs covered in four key lines: 1) Use of a common paymaster (and its impact on) “number of employees” [and ramifications on mandated e-filing applicable to larger organizations] (Line 2)  2) When a Form 990-T filing is (and is not) required (Line 3a)  3) The quid pro quo solicitation disclosure mandates (Line 7a/7b) 4) Need to communicate when soliciting donors if the organization is not eligible to receive tax-deductible contributions (Line 6a/6b)
  • Existence of other, and often overlapping, disclosures and/or filings required when a filer captures specific amounts of tax-deductible charitable contributions, including, in certain circumstances, donations of property
  • Explanation of the basics behind the excise tax schemes applied to filers who either: hold "donor-advised funds" (Lines 8 and 9); or are potentially reached by IRC section 4960's executive compensation tax (Line 15)
  • Potholes in culling the current and prior year’s tax return information necessary to complete Part I's Lines 8–22

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

$54.00 - Member

$64.00 - Nonmember

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COURSE DEVELOPER

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