Session 3 of Borenstein’s Form 990 Foundational Series:
Schedule L reports in two different directions – it typically reaches three categories of transactions with a filer’s “Interested Persons”: loans outstanding with them, grants or assistance being provided to them, and business transacted with them. The L also serves as a “turn them in” reporting obligation when an impermissible transaction (one thus subject to excise tax) has occurred: a “disqualified person” has been provided “excess benefit”. This session’s address of what the Schedule L requires in each direction is designed to help preparers not “lose their minds” over the schedule’s inherent complexity. The materials and the author/instructor detail in Plain English who are the parties the 990 considers “Interested Persons” as well as when (and why) their intersections with the filer are the subject of this schedule’s “sunlight”. The two-fold goal is to not only further an understanding of what each of Schedule L’s parts is looking for, but to also foster an appreciation of how to access data necessary to these parts’ completion.
NOTE: This session is a prerequisite for the author/instructor’s Master Class, “’Insider’ Dealings and Sunshine: Schedule L’s Parts II-IV”
This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
After attending this presentation you will be able to…
The major topics that will be covered in this class include:
Public accounting tax and audit staff, and nonprofit organization’s Treasurers, CFOs and finance/compliance advisors
This webinar is produced by CPA Crossings. You will receive your login link/instructions and Certificate of Attendance directly from this third-party vendor. It is important that you review your COCPA confirmation for details on receiving your login instructions and COA from said vendor.