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Instructor
David Peters
Instructor
David Peters, CPA, CFP, CLU, CPCU, MST, MBA, is the founder and owner of Peters Tax Preparation & Consulting in Richmond, Va., as well as a financial advisor for Peters Financial, LLC. He has over 15 years of experience in financial services, including three years in the hedge fund industry and six years in the insurance industry. He regularly teaches courses in accounting, finance, insurance, financial planning and ethics throughout the United States.
Explore the tax information and inherent not-for-profit organization issues to be mastered in properly preparing the current Form 990. This webcast covers the numerous reporting demands the 990 imposes, including how to respond to the Form’s demands for narrative answers. You’ll gain an understanding of the tax and practical points essential to the appropriate completion of the Form 990 and be guided on advising exempt clients on the Form’s complexities and diverse demands. You’ll learn to prepare for the “most common” Schedules that typically apply to 990 filers: • Identification of public charity status (Schedule A)
• Reporting on donors (Schedule B)
• Financial statement line items and asset sensitivities (Schedule D)
• Reporting on fundraising events, gambling, and use of professional fundraisers (Schedule G)
• Grant-making (Schedule I)
• Capture of property (“non-cash”) contributions (Schedule M)
– Recognize and apply the following unique-to-Form 990 definitions: who is a “manager” required to be disclosed upon Part VII-A of the Core Form, required elements of manager’s compensation to be disclosed and when third party entities are “related organizations.”
– Recognize the detail sought by the IRS in reporting on both program service accomplishments and changes in operations in Part III of the Core Form.
– Analyze the unique terminology employed in the Core Form’s key “Governance” Part (VI).
– Identify 990 definitions and tax conventions employed in reporting on all aspects of financial statements (Parts VIII, IX and X).
– Recognize the importance of making accurate and expansive disclosures via Schedule O relating to six priority governance inquiries made in Part VI.
– Identify the premises by which Schedule L is triggered.
Key topics
– Primacy of the Form 990 as a “one size fits all” reporting mechanism
– Form 990 preparation sequencing and data gathering and keys to getting Form 990 preparation right the first time
– Addressing presence of “related organizations”
– Identification of managers and measurements of their compensation
– 990 versus books-and-records financial statement detail
– Disclosures of governance inputs and Boards’ employ of policies
Basic knowledge of taxation
CPAs, financial professionals and NFP board members who need a basic overview of the IRS Form 990