Understanding the Form 990 and its Preparation Prerequisites WEBINAR

Tuesday, December 7 6:30am - 8:30am PST

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2.0 Credits

Member Price $79.00

Non-Member Price $99.00

Overview

This “initiation and introduction to” the Form 990’s mechanics and importance will prevent you from drowning in the Form 990’s force-field! More than 80% of the Form’s inputs and relevant definitions are NOT found in the statutes and Regulations that apply to the exempt sector, a reality that can be overwhelming for both novices and more advanced preparers. This session provides an easy-to-digest synopsis of the entirety of the Form’s key definitions as well as the mechanics that preparers need embrace from the moment they first approach preparing a 990. Packed with practical tips and perspectives on data gathering, this class is a “must” gateway for beginning (and even more experienced) preparers to learn “how to befriend Form 990 preparation.” This webinar will vault preparers past all the initially confounding problems of the Form 990, providing baseline info on the critical nuances the form uses.

Highlights

Overview of the Form 990’s design and goals in play upon the Core Form and tack-on Schedules. Address of the definition’s key factors that make a third-party organization a “related organization”. Exploring the definitions of parties who are to be disclosed as managers at Part VII-A and understanding what is the definition and measure of “reportable compensation”. Working with the definitions of “family member” and “independence” as same are used in Parts VI and Schedule L. Applying the definition of “business relationship” as same is used in Part VI. Sequencing of the form’s preparation tasks and who to go to for information. Working with the Board of Directors to have them understand what the completed Form 990 conveys to the public and regulators.

Prerequisites

Some familiarity with the nonprofit sector helpful, but not necessary.

Designed For

Public accounting tax and audit staff, nonprofit organization treasurers, CFOs, and other finance advisors.

Objectives

Appreciate the public relations and regulatory impact of the 12-page Core Form and the most-common substantive-topic Schedules. Identify the circumstances “triggering” each of the 15 substantive-topic Schedules. Identify and master the six key Glossary Terms which all 990 preparers must be able to apply. Distinguish the impact on Board members’ “independence” resulting from Schedule L reporting. Discern the various parties who will need provide the data necessary to complete the 990’s widely disparate arenas of inquiry. Recognize the value of, and discern approaches appropriate to, public relation sensitive disclosures and presenting the completed form to a filer’s Board.

Preparation

None.

Notice

None.

Leader(s):

Leaders

Eve Borenstein

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!”

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Non-Member Price $99.00

Member Price $79.00