Form 990: Best Practices for Accurate Preparation - Tax Staff Essentials

Overview

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Learn the ins and outs of Form 990

Enhance your understanding of basic tax information and not-for-profit entity issues needed to prepare the current Form 990.

Look closely at the numerous tax reporting demands Form 990 imposes, including how to respond to its inquiries.

Learn how to complete Form 990s properly and advise exempt clients on the form's complexities and demands.

This course provides 10 hours of credit in the Tax field of study.

Highlights

Key Topics

• Program service accomplishments and reporting changes
• Reporting on managers and their compensation
• Reporting on governance
• Further disclosures specific to an entity's circumstances (Core Form 990 Part IV, Delineating Additional Schedules required)
• Financial information reporting
• Sequencing and completing the return
• Board of directors' discussion of Form 990
• Related organizations
• Transactions with interested persons
• Form 990's common schedules
• Other IRS filings and tax compliance

Prerequisites

Experience in business taxation and nonprofits

Designed For

Who Will Benefit

CPAs, attorneys, and not-for-profit managers

Objectives

Learning Outcomes

• Recognize filing requirements for the different Form 990s.
• 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.