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Finding & Reporting Form 990 Filers' Related Organizations Webinar

CPE

When
April 19
11:30 a.m. - 1:30 p.m.

CPE Credits
2-Tax

Details

 Pricing

PICPA Member: $79 | Nonmember: $104


 More Information

Course No.
EBMKFRF2
Level
Intermediate
Prerequisites
Helpful to have some familiarity with Core Form Part VII-A's reporting of compensation paid by related organizations
Note
This webinar is hosted by PICPA's partner, CPA Crossings, LLC. After registering, you will receive an email from messenger@webex.com with the log-in information.

Description

Mastery of the Form 990 requires ability to identify the filer's "related organizations" (indeed, doing so is THE FIRST preparation step called for in the 990 instructions!) This "990-term-of-art" employs four commonly-found categories: the first three utilize a 990-specific definition of "control" as the basis for determining related organizations due to their "parent," "subsidiary," or "sibling" status; and a fourth applies when a supporting organization is in the mix. This session will fully illuminate, with real-world examples, the full panoply of nuances that preparers confront in working with each of those four categories. Participants will find multiple take-away tools and tips to master the underlying definitional precepts of direct and indirect "control" the 990 imposes. Thereafter, the materials and author/instructor turn to a complete walk-through of the entirety of preparation points for Parts I-V of the Schedule R, as well as a review of the Schedule's Parts I and VI. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Learning Objectives:

After attending this presentation you will be able to...

  • Identify the principles by which control vests when determining parent-subsidiary, subsidiary-parent or brother-sister status between the filer and another not-for-profit entity
  • Identify how control vests over an entity that is a stock corporation
  • Appreciate the nuances of looking for "commonly controlled" related organizations (i.e., sibling organizations)
  • Apply diagrams of the most-common indirect control scenarios 
  • Understand what information is disclosed when reporting as a related organization: a not-for-profit who is tax-exempt in Schedule R, Part II; a corporation or trust in Schedule R, Part V, or an entity taxed as a partnership in Schedule R, Part III
  • Recognize the conditions in which transactions with a related organization will need have dollar details disclosed in Schedule R, Part V, line 2

Highlights

The major topics that will be covered in this course include:

  • Exploring the reach of "parent-subsidiary" and "sibling" status when the party who is the subject of "control" is a nonprofit/nonstock entity: finding that the filer is "controlled" or that a third-party nonprofit is a related organization of the filer due to who it is "controlled" by
  • Understanding what is considered "control" when a party who would be the related organization is a stock corporation, partnership and/or LLC taxed as a partnership, or trust
  • The ramifications of applying the former in cases of related organization status vesting via indirect "control"  
  • The two automatic status categories of related organizations:  supporting organization connections (one entity being a 501(c)(3) with 509(a)(3) sub-classification from connection to another entity) and VEBA-unique categories 
  • Disclosures required on Schedule R's Parts II-V once the presence of one or more related organizations is ascertained
  • Part V additional disclosures when a filer has a related organization who is a "controlled entity" (this via 512(b)(13)'s UBIT-reach in the case of certain revenues from controlled organizations)
  • Review of the two 'other' Parts of Schedule R: Part I on disregarded entities, and Part VI on unrelated partnerships


Speaker(s)


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