Form 990 in 2010: What We've Learned (Practical Guidance)

Summary:

Nearly all organizations exempt from federal income tax who are required to file the annual Form 990 tax return have now done so using the 208 version promulgated by the Internal Revenue Service in 2008. The form and its instructions run over 300 pages. Much has been learned about the financial and governance requirements of the form. This presentation brings attendees up-to-date on the newest and latest experience and expertise in dealing with the new Form 990.

Course Level: Intermediate
Prerequisite: None
Method Of Presentation: Group-Based-Internet
Developer: The Knowledge Group, LLC
Recommended CLE/CPE Hours: 2.0
Important Note: Your State Bar or Accounting Board will make the final determination with respect to continuing education credit. If you are applying for CLE credit in Texas you must register 20 days before the event date or you will not be able to obtain CLE credit.
Advance Preparation: Print and review course materials
Course Code: 103976

SEGMENT 1:

Jerald A. Jacobs, Partner,  Pillsbury Winthrop Shaw Pittman LLP

- Most organizations have now experienced their first year using of the new 2008-version of the federal Form 990 tax return for exempt organizations; this session is an update and summary of what has been learned.
- One focus will be on the dozen or more governance questions in the new Form 990 on how the governing board operates and maintains objectivity, what governance policies are in place, review of the draft Form 990 and public disclosure, etc.
- Solutions will be offered for difficult or complex goverance issues that arise from the new Form 990.

SEGMENT 2:

Frank D. Giardini, Managing Director- ETAS,  WTAS LLC

- Importance of planning, process and approach in the preparation of the new Form 990
- Engaging other departments and functions within the organization to assist in complying of the data, such as legal, development and others

SEGMENT 3:

Deborah Kosnett, CPA, Tax Principal,  Tate & Tryon Certified Public Accountants

- Inconsistent interpretation of who is a key employee
- Reporting of compensation from related organizations is still murky
- Disclosure of uncertain tax positions is an area of concern
- Confusion remains with respect to reporting related party transactions
- Observations on providing Form 990 to the board

SEGMENT 4:

Daniel Romano, CPA, Partner-in-Charge, National Not-for-Profit Tax Practice,  Grant Thornton LLP Tax Practice

- Discuss the attention tax-exempt organizations are receiving on their operations, board governance and compensation structures.
- The importance of presenting the most accurate portrait of the organization to the public.
- How to tackle the board governance section of the Form 990, which requires the disclosure of board member relationships, board independence, board voting procedures etc.
- Discuss the need for narrative responses to the 990 in such a manner as to clearly, accurately and appropriately represent the organization’s intended compensation structures.

 

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Who Should Attend?

- Accountants and Attorneys for tax-exempt organizations

Why Attend?

This is a must attend event for anyone interested in understanding the new Form 990.
    - New guidance explained by the most qualified key leaders & experts
    - Hear directly from key regulators & thought leaders
    - Interact directly with panel during Q&A

Form 990 in 2010: What We've Learned (Practical Guidance)
LIVE Webcast

Tuesday, May 18, 2010

3:00pm to 5:00pm (ET)