Tax-Exempt Organization and Form 990 Basics

Description

If you're preparing Form 990, look beyond the numbers. Learn the importance of questions asked and the required information provided on the core form and the schedules. Also, examine Form 990 including the core form and Schedules A-G and I-R. Gain an understanding of the impact of the unrelated business income tax (UBIT) upon different revenue streams. Featured topics include tax-exemption; intermediate sanctions; direct and grassroots lobbying and the "expenditure test"; public support; "quid pro quo" payments; the "commerciality," and UBIT. Learn the implications of the CARES Act and American Rescue Plan. Plus, briefly review federal and state UBIT and charitable filing requirements. Also, discuss certain provisions of the Tax Cuts and Jobs Act (TCJA) of 2017 and both temporary and final guidance, including Treasury Regulations, to date. Finally, learn new e-filing requirements, as well as, a new requirement for the IRS to notify organizations in danger of automatic revocation of their tax exemption.

Highlights

• Tax-exemption and the many types of tax-exempt organizations
• Private foundation versus public charity
• Form 990, Form 990-EZ and Form 990-N
• Intermediate sanctions, private inurement and private benefit
• Unrelated business income tax, including final and temporary Treasury Regulations
• CARES Act and American Rescue Plan, applicable provisions

Objectives

• Determine software technologies to make your workpapers more effective and efficient.
• Recognize concepts that result in effective workpapers.
• Identify basic standardization techniques for better organization.
• Determine necessary skills and knowledge to determine appropriate workpaper content in accordance with professional standards.
• Recognize legal implications of workpapers.
• Identify how to improve your documentation for peer reviews and PCAOB reviews.
• Determine who gets a copy of my workpapers; should clients?

Designed For

CPAs and tax professionals.