Form 990: Mastering its Unique Characteristics

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From types of compensation to when and where compensation must be reported, Form 990 generates many questions. Designed to enhance your understanding of basic tax information and not-for-profit entity issues needed to prepare the current Form 990, this 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.

CPE Credit: 9.5

Topics Discussed

• 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

Learning Objectives

• 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.

Who will benefit

• CPAs, attorneys, and non-profit managers