2021 Form 990 Overview: A Deeper Dive into Common Schedules
Author: Kathryn Okimoto, Clark Nuber
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
With the exception of Schedule B, the Form 990 and its related schedules are open for public disclosure. Thus, organizations have a duty to present not only accurate financial information that reflects their due diligence in maintaining strong governance practices, but that they are also meeting other compliance needs.
In this session, we will take a deeper dive into some of the common and complex schedules filed with the Form 990. Join us to discuss how organizations can take ownership to retain acceptable public support levels, meet the compliance requirements for donor acknowledgement, and provide transparency in disclosures to give readers insight into their activities.
Publication Date: June 2022
Designed For
CPAs, Enrolled Agents, CFOs, Auditors, Bookkeepers, Staff Accountants, and others who work with not-for-profit organizations or assist with their fundraising events.
Topics Covered
- Fundraising and Donor Acknowledgement
- Form 990 Part VIII and Schedule G
- Public Support Test
- Form 990 Part VIII and Schedule A
- Public support tests
- Governance, Transparency, Compensation and Transactions with Interested Persons
- Form 990 Parts VI, VII and Schedules J, L, and R
Learning Objectives
- Identify the importance of documenting and gathering the necessary information to achieve compliance with federal tax laws
- Recognize the reporting requirements for fundraising activities and transactions with interested persons
- Recognize how to pepare proper donor acknowledgment letters
- Identify when penalties apply
- State factors that may or may not impair the independence of a voting board member
- Describe the relationship between the responses on the Form 990 and related schedules
- Recognize examples of a fundraising activity vs. an event
- Identify what would be included within Schedule A related to unusual grans
- Identify the number of trigger questions in the Form 990 that require completion of Schedule J
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
Basic knowledge of annual compliance for tax exempt organizations.
Advance Preparation
None
