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Form 990 - Tax Staff Essentials, Level 3 - Tax Senior/Supervisor

Author/Moderator: Eve Rose Borenstein, J.D. & Jane M. Searing, CPA, M.S. Taxation
Publisher: AICPA
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AICPA's Tax Staff Essentials, Level 3 – Tax Senior/Supervisor

This comprehensive, integrated curriculum provides tax training for four different experience levels – New Staff (Level 1), Experienced Staff (Level 2); Tax Senior/Supervisor (Level 3); and Tax Manager/ Director (Level 4).

This course is part of Tax Staff Essentials, Level 3 – Tax Senior/Supervisor which identifies the more difficult areas for experienced tax compliance specialists. This level will give staff Seniors and Supervisors the confidence necessary to begin assuming client and engagement management responsibilities.

Discover the unique tax information and nonprofit organization issues you need to prepare the current Form 990. This course will cover the numerous tax reporting demands Form 990 imposes, including how to respond to its many reporting requirements. You will gain the tax knowledge necessary both to complete Form 990 properly and advise exempt clients on the Form's complexities and demands.

Topics Discussed:

  • Tax Issues facing not-for-profits
  • Form 990 and all related schedules
  • Related Organizations
  • Compensation Reporting
  • Program Service Accomplishments
  • Transactions with Interested Persons
  • Governance, Management, and Disclosures
  • Exempt Organizations Mission Statement, Volunteer information, and required prior year information

Learning Objectives:
When you have completed this course, you should be able to:

  • Understand the difference between an exempt organization's tax return versus its annual information return.
  • Recognize instances in which an organization is required to file a Form 990 instead of a Form 990-EZ, or 990-N.
  • Prepare and use Forms 990, 990-EZ, and all related schedules.
  • Identify the scope of compensation information that is to be provided, including which individuals are required to be included in the Core Form's Part VII reporting.
  • Discuss the most commonly triggered schedules employed as required supplements to the Core Form 990.
  • Explain what accounting conventions (and methods) filers must use to report their financial information on Parts VIII through X of the Core Form 990.
  • Recognize the factors employed in determining status of a voting member of the board, officer, key employee, or highest compensated employee.
  • Understand the impact that Schedule L reporting has on the independence of a file's voting board members (such as, trustees or directors).
  • Identify the order in which the Form 990 is most efficiently prepared.
  • Understand where to access the data necessary to complete the Form 990.
  • Understand the meaning of the term related organizations.
  • Identify how control is measured in various situations in determining related organizations.
  • Discuss the Schedule R filing requirements in the presence of so-called disregarded entities.
  • Identify the four types of transactions that require reporting on Schedule L.
  • Understand the scope of the different definitions of "interested person" applied to each Part of Schedule L.
  • Understand the additional compliance points addressed in Part V.
  • Identify the 501(c)(3) exempt organization mandates in Part V, that potentially lead to penalties if the filer is out of compliance.
  • Understand the rationale behind the different instructions related to input of the filer's mission statement in Parts I and Part III of Form 990.
  • Identify where to pull prior year tax return information from as necessary to complete Form 990, Part I, Lines 8-22.

Prerequisite: Basic knowledge of the Form 990

Advanced Preparation: None

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NASBA Field of Study: Taxes
Level: Intermediate
Recommended CPE Credit: 8
Form 990 - Tax Staff Essentials, Level 3 - Tax Senior/Supervisor
Product# 157700
Availability: Online Access 365 Day
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AICPA Member:$199.00
Your Price:$239.00
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