Webcast: Tax-Exempt Organization and Form 990 Basics (XCF99018)
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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.

 Export to Your Calendar 6/13/2018
When: 06/13/2018
11:30 AM until 3:00 PM
Where: Webcast
CALCPA
4182924A
Louisiana
United States
Presenter: ANTHONY J. PANICO, CPA, MS


Online registration is available until: 6/11/2018
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Acronym XCF99018
CPE 4 hours
Vendor CalCPA
Category
Gov't/Nonprofit
Level Beginning
Prerequisite

None

Adv Prep

None

Yellow Book?
Registration Fees
Members* $120
CPA Non-Members $188

*The member rate applies to LCPA members, other state CPA society members, and non-CPA staff of LCPA members. To register online, use the ‘Register’ button above. To register by phone, call the LCPA Member Service Center at 800.288.5272 or 504.464.1040, Monday through Friday, 8am to 5pm.

Course Description

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 and charitable filing requirements. There are certain provisions of the Tax Cuts and Jobs Act (TCJA) that apply to tax-exempt organizations of which a discussion will cover those provisions.

Objectives

  • 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 on compensation and benefits and unrelated business income revenue streams and unrelated business taxable income of tax-exempt organizations.

Major Topics

  • Tax-exemption.
  • Private foundation versus public charity.
  • Form 990-PF.
  • Private foundation excise taxes.
    • Excise tax on net investment income, self-dealing, failure to distribute income, excess business holdings, jeopardizing investments and taxable expenditures.
  • Form 4720, Return of Certain Excise Taxes Under Chapters 41 and 42 of the Internal Revenue Code.
  • Grant making versus operating foundation.
  • Unrelated business income tax.
  • TCJA impact on private foundations.
  • State filings.

Note: Login instructions will be provided by the webcast vendor (CalCPA).