Preparing the Challenging Form 990 (Currently Unavailable)

Author: Stuart P Sobel

The object of this course is to train both new and experienced staff accountants and other preparers to deal with the challenges of filing the Form 990 series of tax returns. You'll learn strategies to expedite the preparation of the return, electronic filing requirements, and how to navigate complex nonprofit taxation issues.

Publication Date: April 2014

Designed For
Practitioners at all levels regardless of practice concentration, who plan to prepare or review Form 990, or are members of a non profit organizations' Board.

Topics Covered

• Preparation of the required summary of the organization's mission, activities, and financial results
• Statement of program service accomplishments
• Statements regarding other IRS filings and tax compliance
• Governance, management, and disclosure information regarding governing bodies
• Compensation schedules for officers, directors, and key employees
• Supplemental financial statements
• Schedule of activities outside of U.S.
• Supplemental information relating to fundraising or gaming activities
• Grants or other assistance to organizations, governments, and individuals
• Transactions with interested persons that engage in certain relationships or transactions
• Noncash contributions
• Political expenditures and lobbying restrictions
• Reconciliations between book and tax returns

Learning Objectives

• Identify the fundamental concepts of the new Form 990
• Recognize and implement strategies to expedite the preparation of the return
• Describe how to effectively market the organization through the creation of strong narratives which are positively read by foundations, donors, government agencies, media, and others
• Identify complex issues related to nonprofit taxation issues which are reported on the Form 990
• Describe IRS and state issues, including penalties, dissolution, examinations, and improper classification of tax exempt status
• Evaluate statements that do not correctly describe the requirements for filing an amended Form 990
• Identify the criteria not required in order for the entity to retain its group ruling status with the IRS
• Recognize what does not qualify as an unusual grant
• Differentiate statements about the taxability of unrelated business income
• Identify items not reportable as noncash contribution
• Describe the actions required of an organization with specific characteristics
• Recognize when Form 990-EZ can be filed instead of Form 990 for recent years
• Identify how an organization should handle their 2014 tax filing requirements while they await the approval or denial from the IRS for tax exempt status
• Differentiate statements regarding religious organizations
• Recognize statements not correct regarding the filing of Form 990
• Evaluate what is required when filing a Schedule N
• Differentiate statements about Schedule B
• Identify the events required for a church to file a Form 990-T
• Identify the duties of a voting board member of a non-profit organization
• Recognize membership dues
• Evaluate non-cash contributions exceeding $25,000 and when it must be disclosed on a schedule of Form 990

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None