Form 990 Preparation - Core Form: Not-for-Profit Tax Compliance

Overview

This video-based CPE course is included in Not-for-Profit Certificate II. It can be purchased individually or as a part of the Not-for-Profit Certificate II - Tax Compliance track.

Form 990 is the chief compliance tool used by the IRS to monitor compliance of tax-exempt, not-for-profit (NFP) entities. As a public document, it is also subject to scrutiny by regulators, media, and the general public, including potential donors. Needless to say, accurate reporting on Form 990 is critical to your success.

In this CPE course, you will learn how to prepare Form 990 as you consider real-world examples and apply that knowledge through interactive e-learning exercises. Also discussed are practice tips, common errors, and potential red flags that could lead to an IRS audit.

Highlights

Key Topics

• Filing requirements and late filing penalties
• Reasonable cause abatement
• Preparation tips
• Program service accomplishments
• Required disclosures
• Reportable compensation
• Statement of Revenue
• Statement of Functional Expenses
• Fundraising events
• Reconciling to GAAP basis financial statements
• Potential red flags
• Common errors and potential pitfalls

Prerequisites

Experience working in or with the not-for profit industry

Objectives

Learning Outcomes

• Identify the process to prepare the Form 990 core form
• Recall the structure of the core Form 990
• Determine the correct amount(s) and line item(s) for core Form 990 reporting