October 16, 2020 8:00am – 3:30pm Map & Directions 602-252-4144

Webcast: Form 990: Mastering Its Unique Characteristics

Description

Explore the tax information and inherent not-for-profit organization issues to be mastered in properly preparing the current Form 990.

This course 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.

Location

ASCPA Live Online Webcast
Phoenix, AZ 85034-6617

Registration Time

7:30am

Fees

Member:
$300
Non-CPA Staff:
$400
Non-CPA Staff (100% club):
$300
Non-CPA Staff (sole proprietor):
$300
Non-Member:
$400
Webcast
Taxation
8

Objectives

  • 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" (necessary both for Part VII-A compensation reporting and for Schedule R).
  • 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.
  • Appreciate the unique terminology employed in the Core Form's key "Governance" Part (VI).
  • Appreciate 990 definitions and tax conventions employed in reporting on all aspects of financial statements (Parts VIII, IX, and X).
  • Recognize the importance of making accurate and expansive disclosures via Schedule O relating to six priority governance inquiries made in Part VI.
  • Prepare for the "most common" Schedules that typically apply to 990 filers: identification of public charity status (Schedule A); reporting on donors (Schedule B); financial statement line items and asset sensitivities (Schedule D); reporting on fundraising events, gambling, and use of professional fundraisers (Schedule G); grant-making (Schedule I); and capture of property ("non-cash") contributions (Schedule M).
  • Note the premises by which Schedule L is triggered.

Course Level

Beginning

Vendor

AICPA More With This Vendor

Designed For

CPAs, attorneys, and nonprofit managers.

Prerequisites

None.

Event Leaders

Blunt, Brenda Ann

Rating: 4.81


Brenda A. Blunt has over 30 years of experience providing services to tax-exempt entities, closely-held business and their stakeholders. She provides income tax compliance and planning for individuals, corporations, partnerships and tax-exempt entities and represents clients before the Internal Revenue Service and state taxation authorities. Tax-exempts and their related entities comprise approximately 90% of her clients. She helps these clients, in particular, comply with and plan for sales, payroll and property taxes; consults with them regarding the tax and accounting impact of multiple-entity structures; helps with international tax issues; works with them to establish or reinstate their status as tax-exempt and helps them plan for the tax aspects of unrelated business income and executive retirement. Brenda is a frequent teacher nationally, locally and at the organization level on topics that include health care reform, board responsibilities, tax compliance, strategic planning, and financial management principles for nonprofits.

Blunt currently represents almost 200 nonprofit organizations ranging in size from formation-stage organizations to multi-million organizations with international reach. Her client base includes public charities, private foundations, trade associations, social welfare organizations, cooperatives and unions. She is passionate about working with organizations in the nonprofit sector, in no small part because of their passion to make the world she lives in a better place.


More With Blunt, Brenda Ann

Highlights

  • Primacy of the Form 990 as a "one size fits all" reporting mechanism.
  • Form 990 preparation sequencing and data gathering; and keys to getting Form 990 preparation right the first time.
  • Addressing presence of "related organizations".
  • Identification of managers and measurements of their compensation.
  • 990 versus books-and-records financial statement detail.
  • Disclosures of governance inputs and Boards' employ of policies.

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