Author: Jane Searing
This on-demand course helps CPAs and tax practitioners understand the four Parts of Schedule L - the “sunshine schedule" of Form 990 related to transactions with interested persons. These sunshine disclosures include excess benefit transactions, loans to and/or from interested persons, grants or assistance benefiting interested persons, and business transactions involving interested persons.
Schedule L is all about transparency and disclosure. Understanding the definitions and properly reporting the details enables readers of the Form 990 to draw their own conclusions and judgments. Understanding the definitions is essential to correctly preparing Schedule L. Even seasoned return preparers can be confounded and surprised by the simplest of when the filer's facts are complicated. There are different definitions and thresholds for each Part of Schedule L although in recent years Parts II, III and IV definitions are more aligned. Understanding the details of the instructions and definitions is critical to getting it right and the potential impact it can have on independence of members of governing body of the organization.
Join one of the country's leading not-for-profit organization practitioners, Jane M. Searing, CPA, M.S. Taxation and co-author of theForm 990 Compliance Guide published by Wolters Kluwer, for a practical examination of the compliance issues related to reporting transactions with interested persons on Schedule L of Form 990. Ms. Searing will help you gain a complete understanding of the nuances and complexities of Form 990 reporting requirements in these complex areas.
Publication Date: April 2017
Designed ForCPAs, enrolled agents, tax return preparers, tax attorneys and financial advisors who work with not-for-profit organizations and their donors.
NASBA Field of Study
Taxes (2 hours)