Understanding the Form 990 and its Preparation Prerequisites WEBCAST presented by the Minnesota Society of CPAs
2.0 Credits
Member Price $99.00
Non-Member Price $129.00
Overview
Dive into the mechanics and significance of Form 990. With more than 80% of its inputs and definitions falling outside statutes and regulations, Form 990 can overwhelm even seasoned preparers. Understand key definitions and core mechanics, giving you a clear roadmap for tackling preparation tasks with confidence. Packed with practical tips and insights on data gathering, this session is the essential starting point for beginner and intermediate preparers. Gain a solid understanding of Form 990’s underlying structure and its often-complex disclosure requirements – helping you navigate the process with ease. NOTE: This event does not qualify for the Season Ticket or Coupon.
Highlights
Overview of Form 990’s structure and purpose. Goals behind the core forms and schedules. Triggers for Form 990 schedules. Reporting requirements in Part VII-A, including trustees, directors, officers, key employees and the five highest-paid employees, with some categories based on their compensation levels. Key definitions and glossary terms, including family member, business relationship, independence. Governance and board member considerations. Data collection and reporting. Public relations and stakeholder communication.
Prerequisites
None.
Designed For
Public accounting tax and audit staff; nonprofit treasurers, accountants, CFOs and other compliance advisers.
Objectives
Understand the public relations and regulatory impact of the Core Form and key schedules. Identify triggers for each of the 15 substantive-topic schedules. Recognize the impact of board members’ independence in Schedule L reporting. Identify key data sources for accurate 990 disclosures. Recognize the value of public relations sensitive disclosures and board presentation. Determine factors that make a third-party organization a related organization. Explore the key definitions comprising Part VII-A’s managers. Understand critical definitions for Core Form Part VI and Schedule L, including family member, business relationship, independence, and 35% controlled entity. Outline the 990 preparation process and key data contributors. Recognize the need to engage a filer’s board of directors in understanding the Form 990’s public and regulatory implications.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
Eve Borenstein, Eve Rose Borenstein LLC
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 $129.00
Member Price $99.00