Explore the tax information and inherent not-for-profit organization issues to be mastered in properly preparing the current Form 990. This course covers the numerous reporting demands the 990 imposes, including how to respond to the Form’s demands for narrative answers. Participants will gain an understanding of the tax and practical points essential to appropriate completion of the Form 990 and be guided on advising exempt clients on the Form’s complexities and diverse demands.
Recognize and apply the following unique-to-Form 990 definitions: who is a “manager” required to be disclosed upon Part VII-A of the Core Form; required elements of manager’s compensation to be disclosed; and when third party entities are “related organizations” (necessary both for Part VII-A compensation reporting and for Schedule R).
Recognize the detail sought by the IRS in reporting on both program service accomplishments and changes in operations in Part III of the Core Form.
Appreciate the unique terminology employed in the Core Form’s key “Governance” Part (VI).
Appreciate 990 definitions and tax conventions employed in reporting on all aspects of financial statements (Parts VIII, IX, and X).
Recognize the importance of making accurate and expansive disclosures via Schedule O relating to six priority governance inquiries made in Part VI.
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 and asset-sensitivities (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).
Note the premises by which Schedule L is triggered.
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
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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.