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21WX-2813: Handling Complex Related Org Issues: Schedule R's Parts II-V (Webinar)

If you have questions about this event, please call us at 952-831-2707.

Thursday, January 27, 2022
2:00pm - 4:30pm Central Time
2.5 CPE (2.5 technical)

This NEW session (debuting 2021), comprises one of four Form 990 Master Classes available to those wanting intermediate-to-advanced training on the 990's most difficult arenas. Once an initial identification scan of a filer's related organizations has been undertaken, two directions of FUN result! FIRST, three key inquiries need be made of managers who are likely to be disclosed on Core Form Part VII-A: (1) amounts of compensation provided to them by such entities in the calendar year that ends within the filer's tax year; (2) whether they served in the tax year as Board members of any tax-exempt related organization; and (3) for filer's “current” Trustees/Directors, whether any "Schedule L-type transactions" existed in the tax year with them and any related organization (or via their family members or “35% controlled entities”). SECOND, the filer must determine if a related organization is a "512(b)(13) controlled entity” (also, 501(c)(3) filers need note if any are related organizations are tax-exempt entities under a non-501(c)(3) subsection) and report certain transactions undertaken with such entities. There is much complexity here, and it is not atypical at this point to have other related organizations identified (with the same inquiries required again!) This session addresses these data discovery needs and speaks to the resulting Schedule R reporting from a 360-degree perspective. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Major subjects

  • The major topics that will be covered in this class include:
  • Quick refresher of what conditions yield "parent,” “subsidiary" or "sibling" status in the case of a party who is a nonprofit/nonstock entity
  • Review of the definition of "control" applied to: stock corporations, entities taxed as a partnership, and trusts 
  • Deep dive into the nuances of “indirect control” under IRC section 318's constructive ownership rules
  • Finding “sibling” organizations due to “joint control” in place under multiple parties
  • Handling bifurcated “questionnaire needs” with a filer's Trustees/Directors and employees regarding Board service on other nonprofits versus those necessary with current and former Part VII-A managers (including High 5s) regarding compensation
  • Addressing related organization impacts on the count of independent Directors (query made on Core Form Part VI, Line 1) and with respect to potential excise tax exposure under IRC section 4960    
  • Disclosure specifics for the R's Parts II-IV, and those relating to “transactions” general address on Part V's Line 1 and via dollar amount when Line 2's relevant triggers apply

Learning objective(s)

  • Identify baseline scans necessary to root out when one or more related organizations may be present
  • Appreciate the sensitive data-mining to be undertaken with the filer's managers and how to address concerns (and disclosures) that result from same
  • Recognize the multiple Form 990 preparation arenas that are impacted by the presence of one or more related organizations

Who should take this program?

Public accounting tax and audit staff, and nonprofit organization's Treasurers, CFOs and other finance/compliance advisors

Fees

Our records indicate you are a nonmember. If you register, you will be charged $89.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.
Standard Member Fee $89.00
checkmark Standard Nonmember Fee $89.00

More program information

Instructor Eve Borenstein, JD
Location Online
Area
of study
Not-for-profit
Field(s)
of study
Taxes - Technical (2.5)
Level Intermediate
Format Group Internet Based
Sponsor CPA Crossings, LLC
NASBA ID#: 108744
Prerequisites Prereq. Single course – EB9FDN12 (Finding & Reporting Filers' Related Organizations) or similar CPE training, or extensive experience with the relevant instructions and their application
Advance
prep
None
Cancellation
policy
Receive a full refund if you cancel at least four business days before the event start date. Learn more

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If you have questions about this event, please call us at 952-831-2707.