Form 990 & the Taxation of Nonprofits

Overview: 

Form 990 is long and complicated. And if you serve exempt organizations or work for an exempt organization, you'll want to have a solid working knowledge of the core Form and the schedules of Form 990. This targeted seminar will allow you to:

  • Correctly complete Form 990
  • Understand the more complex elements of the Form
  • Ensure that your exempt organization is satisfying all required governance/insider compensation rules
  • Prepare tax exemption applications
  • Understand the instructions to Form 990
  • Learn about all the resources available to exempt organizations

 

Objective: 

To give accountants, attorneys and consultants an in-depth look at Form 990. You'll learn about the Form and get hands-on experience completing it. You'll also explore preparing tax exemption applications and how to protect your organization's tax-exempt status.

Emphasis: 
  • Forming a public charity and filing the Tax Exemption Application (Form 1023)
  • State forms and filing obligations
  • Form 990
    – Accounting for special event fundraising
    – Determining reasonable compensation
    – Calculating the lobbying safe harbor
    – Allocating functional expenses
  • Unrelated business income and Form 990-T
  • Miscellaneous information and tax forms
    – Excise taxes and Form 4720
    – Payroll and gaming forms
    – Use of Forms 990-EZ and 990-N
    – The elimination of Form 8734 on the Advance Ruling Period
  • Disqualified individuals
  • Intermediate Sanctions
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Prerequisite: 

None.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Overview.

CPE Credit: 
8.00
NASBA Field of Study: 
Taxes