Preparing the Challenging Form 990


Overview
The object of this course is to train both new and experienced staff accountants and other preparers to deal with the challenges of filing the Form 990 series of tax returns. You’ll learn strategies to expedite the preparation of the return, electronic filing requirements, and how to navigate complex nonprofit taxation issues.
 
Objectives
Upon successful completion of this course, participants will be able to:

  • Develop strategies to expedite the preparation of the return
  • Effectively market the organization through the creation of strong narratives which are positively read by foundations, donors, government agencies, media, and others
  • Discuss complex issues related to nonprofit taxation issues which are reported on the Form 990
  • Describe IRS and state issues, including penalties, dissolution, examinations, and improper classification of tax exempt status
Emphasis
  • Preparation of the required summary of the organization’s mission, activities, and financial results
  • Statement of program service accomplishments
  • Statements regarding other IRS filings and tax compliance
  • Governance, management, and disclosure information regarding governing bodies
  • Compensation schedules for officers, directors, and key employees
  • Supplemental financial statements
  • Schedule of activities outside of U.S.
  • Supplemental information relating to fundraising or gaming activities
  • Grants or other assistance to organizations, governments, and individuals
  • Transactions with interested persons that engage in certain relationships or transactions
  • Noncash contributions
  • Political expenditures and lobbying restrictions
  • Reconciliations between book and tax returns

Prerequisite
None
 
Preparation
No advance preparation required
 
Level of Knowledge
Basic
 
CPE Credit
2 Hours
 
Delivery Method  
Group Internet Based
 
NASB A Field of Study
Taxes