Form 990 & Tax Exempt Org. Update

Author: Jane Searing

Not-for-profit organizations continue to face significant compliance challenges and constrained resources. This helpful course is presented by one of the country's leading tax-exempt organization practitioners Jane Searing, CPA, M.S. Taxation, and offers a practical examination of the latest federal tax developments, compliance issues, and planning opportunities to help NPOs navigate today's tough challenges. Searing, co-author of the Form 990 Compliance Guide published by Wolters Kluwer, will help you get up-to-date on the most recent developments from the IRS and hear the latest on Form 990 reporting requirements.

Publication Date: December 2018

Designed For
CPAs, enrolled agents, tax return preparers, tax attorneys and financial advisors who work with not-for-profit organizations and their donors.

Topics Covered

• Updates on Form 990 with particular attention to common errors, high risk areas, and updates to the 2018 Form 990 and Schedules (so far)
• Evaluation of revenue for exemption, public support and, unrelated business income
• Recent IRS guidance including:
  o IRS Priority Guidance Work Plan
  o Updated thresholds for fundraising and low-cost items and mileage rates
  o IRS reorganization
  o Significant developments around donor acknowledgment, including adverse determinations on deductibility of certain contributions and the allowance of contributions to disregarded entities
  
• Developments around donor acknowledgment including Final Treasury Regulations on non‐cash contributions
• Impact of TCJA on charitable organizations and Notices issued in 2018

Learning Objectives

• Discuss the changes from recent tax developments that affect non-profit organizations
• Identify reporting and compliance requirements and tax planning opportunities to discuss with clients as a result of recent tax developments
• Recognize and apply key reporting challenges affecting Non-Profit Organizations
• Identify common errors inherent to Schedule F
• Recognize what the Schedule B Special Rule allows an organization to do
• Differentiate when income is exempt from UBI rules
• Identify what is not addressed as part of the IRS's 2019 compliance program
• Recognize what an organization should include when issuing a donor acknowledgement letter
• Describe true statements regarding unrelated business income (UBI) for a not-for-profit (NFP) organization
• Identify when Schedule O does not need to be filed
• Determine considerations for control of non-stock not-for-profit (NFP) organizations
• Differentiate when to use certain schedules and how they apply
• Describe Section 512 (a)(6) regarding methods of allocating expenses
• Identify what is required to be disclosed for reasonable cause for late filing
• Recognize where the 4940 Excise Tax on Excessive Compensation should be reported
• Identify what the Schedule F filing threshold is based upon
• Describe examples not included as reasonable efforts when making inquiries of Substantial Contributors

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Basic experience with the Form 990 & Tax Exempt Organizations.

Advance Preparation
None