Form 990: Best Practices for Accurate Preparation

Description

In basic terms, Form 990 is the annual federal return that is required to be filed by all types of exempt organizations. The course takes the participant through the basics of Form 990. It covers the complete form and all the accompanying schedules. The course goes line by line through the Form 990 and offers explanations and tips for accurate completion. Participants will gain an understanding of the tax and practical points essential to completion of the Form 990 which has a 12-page core form and 16 schedules.

Highlights

  • Form 990 filing requirements
  • Form 990 preparation sequencing and how to pull together necessary data
  • Keys to getting Form 990 preparation correct the first time
  • Addressing presence of related organizations
  • Identification of managers and measurements of their compensation
  • Form 990 versus books-and-records financial statement detail
  • Disclosures of governance inputs and Boards' employ of policies

Objectives

  • 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.
  • Identify 990 definitions and tax conventions employed in reporting on all aspects of financial statements (Parts VIII, IX, and X).
  • Recognize how to 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 ("non-cash") contributions (Schedule M).

Designed For

CPAs, attorneys, and nonprofit managers


Leaders

Rob Lyons

Robert R. Lyons, CPA New York, NY

Rob has 40 years of experience in the field of public accounting including experience with both regional and national Big 4 accounting firms. Rob's emphasis has been in the not-for-profit tax and audit fields for the past thirty years. In addition to professional activities, he has taught and lectured in various advanced educational programs. Prior to Joining MP&S, Rob was the Director of Not-For-Profit Tax for KPMG's New York office and had direct responsibility for tax operations for over 250 medium to large size not-for-profit clients including various pension trust activities.

Rob's specialization includes but is not limited to the areas of unrelated business income, use of for-profit subsidiaries, IRS intermediate sanctions, alternative investments and various other exempt organization reporting and compliance issues. In addition, he has consulted extensively with non-profits in the area of planned giving and development, expansion and growth potential.

He has written numerous articles in the Journal of Taxation for Exempt Organizations and Tax Advisor Direct. Rob's book credits include: Getting Started with Non-Profits, Non-Profits-Advanced Tax Issues, the 990 Workshop, CPA: Guide to Planned Giving, and Form 990: AICPA's Answer to Unlocking the Tax Complexities.

Rob is a member of the American Institute of CPAs and the New York State Society of CPAs and is a CPA licensed to practice in New York State, Florida, the District of Columbia and Virginia.