2022 continued to be a challenging year for many not-for-profits as they navigated the COVID-19 pandemic. We will discuss some of the relief measures that are still available as well as the impact those programs have on the annual Form 990. We will also review recent IRS activity during the year and discuss what changes we see ahead for the not-for-profit sector.
Publication Date: December 2022
Designed For
CPAs, CFOs, auditors, bookkeepers, staff accountants and others working with not-for-profit entities.
Topics Covered
- IRS Issues
- Federal and State Regulatory Matters
- COVID Relief Funding Updates
- Updates on the Tax Forms (Forms 990, 990-PF, and 990-T)
- Other Year End Planning Opportunities and Reminders
Learning Objectives
- Describe how to optimize tax relief options available to nonprofit organizations
- Identify how to report the tax relief options on the applicable tax returns
- Recognize how to gain awareness of current IRS hot topics and ways to mitigate risk on the Form 990
- Recognize reminders on annual nonprofit compliance requirements
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
A basic understanding of Not-for-profits.
Advance Preparation
None
Instructors
Clark Nuber
Located in the Seattle metro area, Clark Nuber PS is home to one of the largest single-office Not-for-Profit practices in the United States. This nationally recognized group is composed of over 80 professionals who specialize in serving more than 750 not-for-profits. These professionals take a broad, holistic view of the entire financial and regulatory ecosystem in which not-for-profits function.
Our involvement and investment in the industry extends beyond providing professional services to charitable organizations. Our shareholders and principals also present regularly at conferences and seminars tailored to the not-for-profit community. And, several leaders serve on national-level boards and committees that establish guidance and best-practices for the sector, including the Financial Accounting Standards Board (FASB) Not-for-Profit Advisory Committee, the TE/GE EO Council’s TIC-TAQ Forum, and the AICPA Exempt Organization Technical Resource Panel.
Additionally, Clark Nuber is the author of the Form 990 Compliance Guide and the Private Foundation Handbook and Compliance Guide.
Sara Elizabeth H. Jones
Sara Elizabeth, CPA, is a shareholder at Clark Nuber P.S. and leads Clark Nuber’s Tax Services Group. She consults with various types of organizations on matters such as Form 990/990T compliance, unrelated business income, joint ventures, and exempt status. She is a frequent public speaker and writer on various issues that impact tax-exempt organizations.
As an associate member of the AICPA’s Exempt Organizations Technical Resources Panel, Sara Elizabeth works to address tax concerns facing exempt organizations at a national level. Sara Elizabeth is a co-author of the Form 990 Compliance Guide by Clark Nuber. She has been with the firm for almost 16 years. Prior to that, she spent nine years at Deloitte.
Frances Olson
Frances is a tax senior manager with Clark Nuber in Bellevue, Washington, where she specializes in tax-exempt organizations and high net worth individuals. She participates in Clark Nuber’s Not-for-Profit, High Net Worth and International Niches. Her practice primarily focuses on consulting and compliance for public charities, private foundations and high net worth individuals and their families, including international matters, alternative investments, unrelated business income tax, fundraising events, etc. In addition, she assists individuals with charitable gift planning and execution.
She is a graduate of Washington State University and holds a master’s degree in Taxation from Golden Gate University. Frances is a member of the American Institute of Certified Public Accountants (AICPA) and Washington Society of Certified Public Accountants (WSCPA). She is also a member of the National board of Advisors for the Carson College of Business at Washington State University and a member of the Washington Planned Giving Council. Frances is native to Washington State, where she lives with her husband, Mitchell, and two kids, Dennesson and Marley.
Frances will be your primary contact for Form 990, 990-T and international compliance filing services. She is an active member and very passionate about her work in the not-for-profit tax services and consulting group. Her expertise gained in this area allows her to provide superior service to her not-for-profit clients with a focus on international tax compliance and reporting, unrelated business activities, special fundraising events, grants, lobbying, etc. She also has extensive experience working with social service agencies, arts organizations, international NGOs, private foundations, and private schools.