Schedule G is a top five ‘most common substantive’’ Schedule as it details with more specificity than the Core Form a filer’s revenue capture and the direct expenses from a filer’s galas (i.e., fundraising events) and non-event fundraising sales, as well as reporting’s on the conduct of gaming activities. Schedule G also applies if the filer has used a professional fundraiser. Schedule D’s parts are there to denote financial information as well as compliance points and/or data-capture the IRS seeks when a filer has certain assets on its balance sheet. Schedule D also requires input of audited financial statements’ footnote specifying whether or not an uncertain tax position has been taken. This session highlights not only what informs the IRS’ inquiries in each of these Schedules, and also notes how the required disclosures are used by the IRS and State/local regulators as well as by the public at large.
Overview of what comprises a “fundraising event or sale”. Explanation of the low receipt thresholds by which Schedule G’s Parts II (fundraising events and sales) and III (gaming) are invoked. How Schedule G’s Part II amplifies summary data inputted on Part VIII, Lines 1c, 8a and 8b. Review of what constitutes gaming activity. Noting the underlying three tax issues that gaming activities implicate: potential unrelated business income tax, unmet payroll tax if volunteer worker/contractor status is improperly claimed, and wagering excise taxes. Discussion of what makes a provider a “professional fundraiser” and what information filers are responsible to report in Schedule G’s Part I related to their use. Explanation of the entirety of Schedule D “triggers” employed upon the 990’s Core Form Part IV. Highlighting the common potholes Schedule D preparers face.
Public accounting tax and audit staff, and nonprofit organization’s Treasurers, CFOs and other finance/compliance advisors.
Appreciate the need to work with gross fundraising events or sales revenues both on Core Form Part VIII and on Schedule G’s Part II in order to not hide incorporated transactions. Identify the various regulatory interests that filers conducting gaming are required to speak to on Schedule G’s Part III. Understand not only which types of assets generate application of Schedule D’s multiple parts but also why those types have been singled out for additional disclosures.
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