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If you’re preparing Form 990, look beyond the numbers. Learn the importance of questions asked and the required information provided on the core form and the schedules. Also, examine Form 990 including the core form and Schedules A-G and I-R. Gain an understanding of the impact of the unrelated business income tax (UBIT) upon different revenue streams. Featured topics include tax-exemption; intermediate sanctions; direct and grassroots lobbying and the “expenditure test”; public support; “quid pro quo” payments; the “commerciality,” and UBIT. Learn the implications of the CARES Act and American Rescue Plan. Plus, briefly review federal and state UBIT and charitable filing requirements. Also, discuss certain provisions of the Tax Cuts and Jobs Act (TCJA) of 2017 and both temporary and final guidance, including Treasury Regulations, to date. Finally, learn new e-filing requirements, as well as, a new requirement for the IRS to notify organizations in danger of automatic revocation of their tax exemption.
• Understand how federal tax-exempt status is obtained and the significance of tax-exemption
• Understand the significance of Form 990, Return of Organization Exempt From Income Tax Core Form and Schedules, including both general and specific suggestions and interpretation of the Form and Instruction • Understand what direct lobbying, grassroots lobbying and the expenditure test are and how to complete Schedule C, Political Campaign and Lobbying Activities
• Identify why public support is important and how to correctly complete Schedule A, Public Support
• Recognize the significance of core form compensation questions and disclosures; Schedules J, Compensation Information, and L, Transactions with Interested Persons; and the significance of “intermediate sanctions” including the safe harbor
• Identify what constitutes a “complete” filing of Form 990
• Discuss the significance of governance and policies addressed on Form 990
• Understand the concepts of related, excluded and unrelated income, as well as the implications, including special rules for certain types of entities
• Understand the implications of TCJA and regulations, thereunder, on unrelated business income revenue streams and unrelated business taxable income of tax-exempt organizations
• Learn the implications of the CARES Act and American Rescue Plan on tax-exempt organizations
• Tax-exemption and the many types of tax-exempt organizations
• Private foundation versus public charity
• Form 990, Form 990-EZ and Form 990-N
• Intermediate sanctions, private inurement and private benefit • Unrelated business income tax, including final and temporary Treasury Regulations
• CARES Act and American Rescue Plan, applicable provisions
CPAs and tax professionals.
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