- Understand how federal tax-exempt status is obtained and the significance of tax-exemption.
- Understand the significance of Form 990, Return of Organization Exempt From Income Tax Core Form and Schedules, including both general and specific suggestions and interpretation of the Form and Instructions.
- Understand what direct lobbying, grass roots lobbying and the expenditure test are and how to complete Schedule C, Political Campaign and Lobbying Activities.
- Identify why public support is important and how to correctly complete Schedule A, Public Support.
- Recognize the significance of core form compensation questions and disclosures; Schedules J, Compensation Information, and L, Transactions with Interested Persons; and the significance of "intermediate sanctions" including the safe harbor.
- Identify what constitutes a “complete” filing of Form 990.
- Discuss the significance of governance and policies addressed on Form 990.
- Understand the concepts of related, excluded and unrelated income, as well as the implications, including special rules for certain types of entities.
- Understand the implications of TCJA and issued guidance on compensation and benefits and unrelated business income revenue streams and unrelated business taxable income of tax-exempt organizations.
If you're preparing Form 990, look beyond the numbers. Learn the importance of questions asked and the required information provided on the core form and the schedules. Also, examine Form 990 including the core form and Schedules A-G and I-R.
Gain an understanding of the impact of the unrelated business income tax (UBIT) upon different revenue streams. Featured topics include tax-exemption; intermediate sanctions; direct and grassroots lobbying and the "expenditure test"; public support; "quid pro quo" payments; the "expenditures test"; the "commerciality," and UBIT.
Plus, briefly review federal and state UBIT, including Qualified Transportation fringe benefits and charitable filing requirements. There are certain provisions of the Tax Cuts and Jobs Act (TCJA) that apply to tax-exempt organizations. we will discuss those provisions, as well as guidance issued to date.