Understanding the "Most Common" Form 990 Schedules: A, B&O WEBCAST presented by the Minnesota Society of CPAs
2.5 Credits
Member Price $125.00
Non-Member Price $155.00
Overview
Prepare Form 990 schedules accurately and efficiently using practical guidance and actionable insights detailed in this course. Explore the three most critical Form 990 schedules: Schedule A, required for all 501(c)(3) organizations; Schedule B, which applies to many (c)(3)s and certain non-(c)(3)s; and Schedule O, where some of the form’s most complex disclosures reside. Gain a clear understanding of Schedule A, including its two public support tests, and learn to navigate common misconceptions about donor reporting in Schedule B. Understand Schedule O’s most sensitive disclosure requirements, ensuring you can confidently handle its underlying obligations. NOTE: This event does not qualify for the Season Ticket or Coupon.
Highlights
Benefits of public charity classification. Public Support Tests. Preparation tasks of Schedule B and related worksheets, including donor disclosure. Governance and public relations impact. Board review and compliance. Management company disclosures.
Prerequisites
None.
Designed For
Public accounting tax and audit staff; nonprofit organization’s treasurers, accountants, CFOs and other finance and compliance advisers
Objectives
Understand how Schedule A, Part I reports an organization’s basis for classification each tax year. Identify revenue inputs, calculating public support percentages, and understanding donor diversity and contribution limits. Learn the reporting conventions for disclosing donor contributions and identities. Examine the six key inquiries in Part VI, their disclosure narratives, and how the form may mislead filers on appropriate reporting. Understand the criteria for answering “Yes” to Part VI, Line 11a regarding board review of Form 990 before filing. Identify required disclosures when an organization employs a management company and how these differ from Part VII-A reporting.
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 $155.00
Member Price $125.00