Identifying the “right” people who are to be disclosed as holding status as a Trustee/Director, Officer, or Key Employee (these comprising the key pool of “managers” requiring 990 disclosure), aka: “TDOKEs,” is essential to appropriate Form 990 reporting. Part VII-A is the very first leg in the 990’s three-legged stool of primary non-financial statement disclosures. This webinar will readily guide preparers through the minefield of understanding of who qualifies as a “current” TDOKE (or, alternatively, as a “High 5”) as well as when “former” status applies. Clear examples illustrate compensation testing for KEs, High 5s, and formers, with emphasis on the challenges fiscal year organizations face in vetting these individuals given the required “dial back to the calendar year” required in applying KE and High 5 status and compensation thresholds.
Definitions behind the three classes of legally or quasi-legally in-charge managers who are required to be disclosed as current managers relative to each Form 990’s tax year. Identifying what makes someone a “High 5”. Drilling into the reportable compensation thresholds by which employees fall into consideration as either “current” Key Employees or High 5s, as well as the relevant compensation thresholds for status as a “former” TDOKE. Explanation of the two “buckets” of disclosable compensation - reportable and other - that are required to be reported as having been provided to all current and former managers (and High 5s) disclosed on Part VII-A. The two “$10,000” exceptions on Part VII-A that void the need to disclose a related organizations’ reporting (based on amounts) of “reportable compensation”; and excepting certain types of “other compensation”.
Public accounting tax and audit staff, nonprofit organization treasurers, CFOs, and other finance advisors.
Readily identify the three classes of legally or quasi-legally in-charge managers who are required to be disclosed on the filing for the tax year being reported upon. Recognize the “reportable compensation” thresholds by which employees fall into consideration as either Key Employees or High 5s (as well as “former” TDOKEs). Distinguish the mandatory three versus all the other nontaxable remunerative benefits that are reported as “other compensation” paid or incurred to current and former TDOKEs and High 5s. Apply the $10,000 ‘per type’ reporting exception for certain items of “other compensation” and understand that this exception does not apply when reporting on Schedule J.
Eve Borenstein is a partner in Borenstein and McVeigh Law Office (BAM!), a Minnesota law firm that is the base of Eve’s national tax practice and services nonprofits and tax-exempt organizations exclusively.
Separate from the law firm, Eve operates a teaching and speaking consultancy offering instruction on nonprofit and exempt organization mandates, Eve Rose Borenstein, LLC.
Eve received her law degree from the University of Minnesota in 1985 and thereafter embarked on exempt organizations tax work at a “Big 8” accounting firm. From 1989-2003 she maintained a solo practice serving tax-exempt non-profit corporations, and in 2004 created the BAM Law firm with nonprofit corporate counsel Ellen W. McVeigh. From her law firm’s practice and through her teaching and speaking, Eve works to assist diverse nonprofit organizations with tax-exemption qualification, corporate planning and compliance. The bulk of her legal practice is representing exempt organizations before the Internal Revenue Service and/or State regulators on audit, qualification and classification issues; through 2009 she had represented more than 850 organizations before the IRS.
Eve volunteers extensively with multiple professional committees, including the American Bar Association’s Tax Section Committee on Exempt Organizations, from which she serves as a liaison to the American Institute of Certified Public Accountants’ Exempt Organization Technical Resource Panel. Through such service, and individually, Eve was integrally involved in the IRS’ Redesign of the Form 990. She was chosen by the IRS to be one of two private practitioners on the IRS Tax Talk Today TV broadcast in November 2008 dedicated to the Redesign of the Form 990, and has appeared multiple times since with IRS officials on educational panels concerning that Form.
Eve was also one of the original non-IRS collaborators in the Form 1023 Revision Project that culminated in that Form’s October 2004 “make over”. She enjoys teaching and speaking and is committed to “helping the sector (and its advisors) do it right the first time!”
Non-Member Price $109.00
Member Price $89.00