Designed to enhance your understanding of basic tax information and not-for-profit entity issues needed to prepare the current Form 990, this self study course takes a closer look at the numerous tax reporting demands the 990 imposes, including how to respond to its inquiries. This course will also provide you with the knowledge necessary to complete Form 990s properly and advise exempt clients on the form's complexities and demands.
CPAs, attorneys, and nonprofit mangers
Recognize filing requirements for the different Form 990.
Recognize the detail sought by the IRS in reporting on program service accomplishments in Part III of the Core Form 990.
Recall the accounting conventions (and methods) required for reporting financial information on Parts VIII–X of the Core Form.
Recognize the impact that Schedule L reporting has on the independence of a filer’s voting board members.
Identify where to access data necessary for completion of the Form 990.
Distinguish where the filing organization’s financial information is to be properly reported on Parts VIII, IX, X, XI, and XII of the 990 Core Form.
Recognize the importance of making expanded disclosures via narration on Schedule O for many of the various governance disclosures required on Part VI of the Core Form.
· Primacy of the Form 990 as a "one size fits all" reporting mechanism
· Form 990 preparation sequencing and data gathering; and keys to getting Form 990 preparation right the first time
· Addressing presence of "related organizations"
· Identification of managers and measurements of their compensation · 990 versus books-and-records financial statement detail
· Disclosures of governance inputs and Boards’ employ of policies
Basic knowledge of taxation