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Form 990: Mastering its Unique Characteristics (Self-Study)

Code: JI163403

Date Valid for one year from purchase date
Format Self-Study (On-Demand)
CPE credits CPE 14.5
Field(s)
of study
Taxes - Technical (14.5)
Fees
Standard member fee $169.00
checkmarkStandard nonmember fee $219.00

Members: Please log in to receive member fee.

Description

Do you need to prepare the current Form 990? Enhance your understanding of basic tax information and not-for-profit organization issues. This CPE course covers the numerous tax reporting demands the 990 imposes, including how to respond to its inquiries. You will gain the knowledge necessary to complete Form 990s properly and advise exempt clients on the form's complexities and demands.

Who should take this program?

CPAs, attorneys, and non-profit managers

Major subjects

  • Program Service Accomplishments and Reporting Changes
  • Reporting on Managers and Their Compensation
  • Reporting on Governance
  • Further Disclosures Specific to an Entity's Circumstances (Core Form 990 Part IV Delineating Additional Schedules Required)
  • Financial Information Reporting
  • Sequencing and Completing the Return
  • Board of Directors Discussion of Form 990
  • Related Organizations
  • Transactions With Interested Persons
  • Form 990's Common Schedules
  • Other IRS Filings and Tax Compliance

Learning objective(s)

  • Recognize instances in which an organization is required to file a Form 990 instead of a Form 990-EZ, or 990-N.
  • Recognize the detail sought by the IRS in reporting on program service accomplishments in Part III of the Core Form 990.
  • Recall the accounting conventions (and methods) required for reporting financial information on Parts VIII through X of the Core Form.
  • Recognize the impact that Schedule L reporting has on the independence of a filer's voting board members.
  • Identify where to access data necessary for completion of the Form 990.
  • Identify the principle by which control vests when determining parent-subsidiary or brother-sister status between the filer and another incorporated entity.
  • Recognize the three triggers that lead to the Schedule J filing requirement.
  • Identify when compensation provided to contractors is reportable on the Core Form, Part VII, Section B.
  • Distinguish where the filing organization's financial information is to be properly reported on Parts VIII, IX, X, XI, and XII of the 990 Core Form.
  • Identify when a change in conduct of program services is considered significant and must be disclosed on Line 2, Part III of the Core Form.
  • Identify the four types of transactions that require reporting on Schedule L.
  • Describe the definitions of interested person (IP) applied to each Part of Schedule L.
  • Recognize the importance of making expanded disclosures via narration on Schedule O for many of the various governance disclosures required on Part VI of the Core Form.

Notes:

Course code Code JI163403
Sponsor AICPA
NASBA ID#: 112891
Level Basic
Format Self-Study (On-Demand)
Prerequisites Prereq. None
Advance
prep
None