Form 990: Mastering Its Unique Characteristics
This webcast covers the numerous reporting demands the 990 imposes, including how to respond to the Form’s demands for narrative answers.
Format
Webcast
NASBA Field of Study
Taxes
Level
Intermediate
CPE Credits
8
Author(s)
Brian Yacker
Availability
3 months
- Identify the premises by which Schedule L is triggered.
- Recognize the importance of making accurate and expansive disclosures via Schedule O relating to six priority governance inquiries made in Part VI.
- Identify 990 definitions and tax conventions employed in reporting on all aspects of financial statements (Parts VIII, IX and X).
- Analyze the unique terminology employed in the Core Form’s key "Governance" Part (VI).
- Recognize the detail sought by the IRS in reporting on both program service accomplishments and changes in operations in Part III of the Core Form.
- Recognize and apply the following unique-to-Form 990 definitions: who is a "manager" required to be disclosed upon Part VII-A of the Core Form, required elements of manager’s compensation to be disclosed and when third party entities are "related organizations."
- Disclosures of governance inputs and Boards’ employ of policies
- 990 versus books-and-records financial statement detail
- Identification of managers and measurements of their compensation
- Addressing presence of "related organizations"
- Form 990 preparation sequencing and data gathering; and keys to getting Form 990 preparation right the first time
- Primacy of the Form 990 as a "one size fits all" reporting mechanism
This webcast is part of the Tax Staff Essentials program.
Explore the tax information and inherent not-for-profit organization issues to be mastered in properly preparing the current Form 990. This webcast covers the numerous reporting demands the 990 imposes, including how to respond to the Form’s demands for narrative answers. Participants will gain an understanding of the tax and practical points essential to appropriate completion of the Form 990 and be guided on advising exempt clients on the Form’s complexities and diverse demands.
- Nonprofit managers
- Attorneys
- CPAs
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