2021 Form 990 Overview: A Deeper Dive into Common Schedules (Completed)

Date: Thursday, June 23, 2022
Instructor: Clark Nuber, Kathryn Okimoto, Lisa McCreedy
Begin Time:  9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

With the exception of Schedule B, the Form 990 and its related schedules are open for public disclosure. Thus, organizations have a duty to present not only accurate financial information that reflects their due diligence in maintaining strong governance practices but that they are also meeting other compliance needs.

In this session, we will take a deeper dive into some of the common and complex schedules filed with the Form 990. Join us to discuss how organizations can take ownership to retain acceptable public support levels, meet the compliance requirements for donor acknowledgement, and provide transparency in disclosures to give readers insight into their activities.

Who Should Attend
CPAs, Enrolled Agents, CFOs, Auditors, Bookkeepers, Staff Accountants, and others who work with not-for-profit organizations or assist with their fundraising events.

Topics Covered

  • Tax deductibility of contributions from fundraising events
  • Completion of fundraising event activities on Form 990
  • Charity responsibilities
  • Donor acknowledgment
  • Public support tests
  • Compensation reporting for trustees, directors, officers, key employees, and highly compensated individuals
  • Identification of who is an interested person
  • Reporting thresholds, exceptions, required disclosures for transactions on Schedule L
  • Relationship and impact among various parts of the Form 990 and Schedule L

Learning Objectives

  • Identify the importance of documenting and gathering the necessary information to achieve compliance with federal tax laws
  • Recognize the reporting requirements for fundraising activities and transactions with interested persons
  • Recognize how to pepare proper donor acknowledgment letters
  • Identify when penalties apply
  • State factors that may or may not impair the independence of a voting board member
  • Describe the relationship between the responses on the Form 990 and related schedules

Level
Intermediate

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Basic knowledge of annual compliance for tax exempt organizations.

Advance Preparation
None

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