In basic terms, Form 990 is the annual federal return that is required to be filed by all types of exempt organizations. This webcast takes the participant through the basics of Form 990, and will cover the complete form and all the accompanying schedules. Course content will go line by line through the Form 990 and offers explanations and tips for accurate completion. Join this webcast to gain an understanding of the tax and practical elements essential to completion of the Form 990 which has a 12-page core form and 16 schedules.
This course features a live instructor and has been specifically designed for the NJCPA.
CPAs, Attorneys, Nonprofit mangers
*Identify the filing requirements for Form 990, Form 990-EZ and Form 990-N.
*Determine best practices for completing the core form.
*Recognize risks in preparing Form 990 and identify certain reporting red flags.
*Prepare for the most common Schedules that typically apply to 990 filers: identification of public charity status (Schedule A); reporting on donors (Schedule B); financial statement line items (Schedule D); reporting on fundraising events, gambling, and use of professional fundraisers (Schedule G); grant-making (Schedule I); and capture of property ("noncash") contributions (Schedule M).
*Primacy of the Form 990 as a "one size fits all" reporting mechanism
*Form 990 preparation sequencing and data gathering; and keys to getting Form 990 preparation right the first time
*Addressing presence of "related organizations"
*Identification of managers and measurements of their compensation
*990 versus books-and-records financial statement detail
*Disclosures of governance inputs and Boards’ employ of policies
Basic knowledge of taxation