Understanding the Form 990 and its Preparation Prerequisites (2 hours - late morning) - Webcast
Overview
This "initiation to" the Form 990's mechanics and importance will help participants survive the onslaught of the Form 990's force-field! 80+% of the Form's inputs and definitions fall outside of statutes and Regulations and their breadth can overwhelm novices and even experienced preparers. This course provides an easy-to-digest synopsis of the entirety of the Form's key definitions, surveying and explaining the pertinent mechanics driving Form 990 preparation tasks.
Packed with practical tips and perspectives on data gathering, this course is a "must" gateway for beginning and intermediate preparers that will allow participants to appreciate the 990's underlying parameters and somewhat convoluted disclosure paths.
OSCPA has partnered with the Minnesota Society of CPAs for this event.
Highlights
- Overview of the Form 990's design and goals behind the Core Form's and Schedules
- Address of the key factors that make a third-party organization a "related organization"
- Exploration of the key definitions comprising Part VII-A's managers (i.e., "TDOKEs"): Trustee/Director (TD)/Officer (O)/Key Employee (KE) and "High 5s", two of which categories are based upon the definition (and magnitude) of "reportable compensation"
- Understanding the definitions of "family member", "business relationship", "independence" and "35% controlled entity which are central to both Core Form Part VI and Schedule L
- Sequencing of the form's preparation tasks and appreciating who will likely be the providers of relevant caches of data
- Need for 990-filers to engage a filer's Board of Directors in understanding what the completed Form 990 conveys to the public and regulators
Prerequisites
Familiarity with the nonprofit sector helpful, but not necessary
Designed For
Public accounting tax and audit staff, nonprofit organization’s Treasurers, accountants, CFOs, and other compliance advisors
Objectives
- Appreciate the public relations and regulatory impact of the 12-page Core Form and the most-common substantive-topic Schedules
- Identify the circumstances "triggering" each of the 15 substantive-topic Schedules
- Master the six key Glossary Terms that all 990 preparers must be able to apply
- Embrace the impact of Board member's failure to be "independent" when they are the subject directly or indirectly, of Schedule L reporting
- Discern the variety of parties most likely to be able to provide preparers with the data necessary to correctly disclose information relating to the 990's inquiries
- Recognize the value of, and discern approaches appropriate to, public relation sensitive disclosures and presenting the completed form to a filer's Board
Leader(s):
Leader Bios
Eve Borenstein, Eve Rose Borenstein Dba Eve Rose Borenstein LLC
Eve Borenstein, JD.
Law Practice: From 1989 through April 2019, Eve operated her own law firm, a national tax and compliance practice dedicated to the nonprofit sector, BAM Law Office LLC. In May 2019 she joined she Harmon, Curran, Spielberg & Eisenberg, LLP’s exempt organizations group as Of Counsel (Harmon Curran is a Washington, DC firm, who, as with Eve’s preceding firm, represents nonprofits throughout the nation). For the entirety of the past 32+ years, Eve has practiced exclusively with nonprofit organizations and their advisors, assisting them with tax-exemption qualification; overall exempt organization (EO) tax planning needs; statutory compliance outside of the IRS (state law mandates, federal grant reporting obligations, addressing/correcting improper insider transactions, etc.); and best management practices. At the turn of the millennium, Eve had represented more than 1,100 EOs from throughout the country before the IRS on everything from audit examinations to status issues, and from ruling requests (including PLRs and TAMs) to exemption qualification challenges including appeals.
Teaching: In 1990, when the Form 990 was expanded to five pages (with one additional Schedule required of 501(c)(3) organizations), Eve’s 990 teaching career began. Through what became a separate teaching/educational consultancy, Eve Rose Borenstein, LLC, Eve works with advisors and nonprofits to educate them on EO mandates overall. She is nationally recognized for both her Form 990 expertise and 990 preparation courses (her flagship and companion full-day Form 990 courses were licensed to the AICPA in 2013-2019; as of 2020, Eve revamped that material into 14 webinars, which in total provide 33 CPE hours (the webinars are available through CPACrossings and its partners, which include many State CPA societies).
Professional Committee Involvement and Commitment to Sector Compliance: Eve’s familiarity with federal EO tax precepts and other arenas of nonprofit compliance has been further informed by her wide-ranging professional committee involvement and intersection with IRS officials. For decades Eve has been an active participant in the American Bar Association’s Tax Section EO Committee and in the last decade she has been the ABA-EO Committee’s liaison to the AICPA’s EO Tax Resource Panel, as well as Co-Chair of the TEGE Exempt Organizations Council’s TIC-TAQ Committee which brings EO tax advisors into colloquy with the IRS EO Director and Chief Counsel (EEE) officials three times a year. In these roles, Eve continually champions “compliance without complexity,” tirelessly working to bring feedback to the IRS on exempt organization forms, procedural issues, and the need for improved guidance and information. Her professional goal has always been to ensure that “NPOs (have the tools to) do it right the first time!”
Honors: Eve testified in July 2012 before the U.S. House of Representatives Ways and Means Subcommittee on Oversight on the IRS’ oversight and use of the Form 990 (she was there introduced by the Chair as the “Queen of the 990”, a moniker which has stuck!) She was honored to be the recipient of the ABA Business Law Section’s 2018 Outstanding Nonprofit Lawyer Award (Outside Counsel).
Personal: Eve is a NJ ex-pat (which is evident from how fast she talks), and has resided in Minneapolis, Minnesota since her law school years. Close by are her two adult children, their partners, and one grandchild, along with Eve’s wonderful (and now-legal spouse), who is a true Minnesotan and great source of balance for her!
(1/18/22)
Non-Member Price $129.00
Member Price $99.00