This session 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.
After attending this presentation you will be able to…
The major topics that will be covered in this class include:
Single course – EB9FDN12 (Finding & Reporting Filers’ Related Organizations) or similar CPE training, or extensive experience with the relevant instructions and their application
Public accounting tax and audit staff, and nonprofit organization’s Treasurers, CFOs and other finance/compliance advisors