(AICPA) 1st Edition
by Eve Rose Borenstein (Author), Jane M. Searing (Author)
Mastery of the current Form 990
beyond its Core Form pages requires an understanding of the Form's
transparency demands relating to multiple complex issues, including:
Transactions with certain insiders, expanded disclosure of highly-comp'd
individuals' calendar year compensation, identifying and reporting in
the presence of, "related organizations," nuances of the two "public
support tests", undertaking of foreign operations, and more.
This
book covers the most advanced tax and nonprofit issues related to Form
990's Schedules. You will not only gain an understanding of the tax and
practical points necessary to complete Schedules A, C, F, J, K, L, N,
and R of the current Form 990, but you will also be advised as to how to
communicate with exempt clients on each of these Schedules' unique
demands.
This book will prepare you to do the following:
- Distinguish
between the in-flows of each of the public support tests, apply each
test's calculations, and identify what defines a supporting organization, and note such entities' types and attendant reporting obligations.
- Distinguish
the reporting obligations of 501(c)(3) organizations with respect to
lobbying versus that of the proxy tax in place for 501(c) (4), (5), and
(6) organizations, and note required electioneering reporting of all
501(c) entities.
- Recognize the triggers for Schedule F.
- Recall the definitions of Interested Persons applied within each Part of Schedule L.
- Recognize the expanded compensation reporting and management practices inquired of in Schedule J.
- Appreciate
both the need for bond counsel involvement in completing Schedule K and
the diverse scenarios that trigger Schedule N.
- Identify the
common reporting disclosures required in the presence of "related
organizations" and the unique reporting demands applied, based on type
of entity.