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Tax-Exempt Organizations: Issues and Return Preparation

Exam Questions: 120
Course Level: Basic / Intermediate
Pages: 630 | Content: 578, Supplemental: 52
NASBA Area of Study: Taxes
Not Acceptable for: N/A
Version: 5880M

Form 990 and its related parts has always been a challenge for tax practitioners. This course will help you understand how this form is used by tax-exempt organizations to "tell their story," as well as walk through the form and its related schedules line by line. All course material provided. No prerequisites. Course level: Basic/Intermediate.

EA Program Approval Number: ZX34G-T-00433-21-S

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Course Information

Table of Contents
  • Introduction to Form 990
  • The Life Cycle of a Public Charity
  • General Instructions for Form 990
  • Completing Form 990 - Summary, Signature Block and Statement of Program Service Accomplishments (Part I, II, and III of Form 990)
  • Required Schedules (Part IV of Form 990)
  • Statement Regarding Other IRS Filings and Tax Compliance (Part V of Form 990)
  • Governance, Management, and Disclosure (Part VI of Form 990)
  • Compensation of Officers, Directors, and Others (Part VII of Form 990)
  • Statement of Revenue (Part VIII of Form 990)
  • Statement of Functional Expenses (Part IX of Form 990)
  • Balance Sheet (Part X of Form 990)
  • Reconciliation of Net Assets (Part XI of Form 990) and Financial Statements and Reporting (Part XII of Form 990)
  • Public Charity Status and Public Support (Schedule A)
  • Schedule of Contributors (Schedule B)
  • Political Campaign and Lobbying Activities (Schedule C)
  • Supplemental Financial Statements (Schedule D)
  • Schools (Schedule E)
  • Statement of Activities Outside the United States (Schedule F)
  • Fundraising and Gaming Activities (Schedule G)
  • Hospitals (Schedule H)
  • Grants and Other Assistance to Organizations, Governments and Individuals in the U.S. (Schedule I)
  • Compensation Information (Schedule J)
  • Tax-Exempt Bonds (Schedule K)
  • Transactions with Interested Persons (Schedule L)
  • Non-Cash Contributions (Schedule M)
  • Liquidation, Termination, Dissolution, or Significant Disposition of Assets (Schedule N)
  • Supplemental Information About Reporting Organization (Schedule O)
  • Related Organizations and Unrelated Partnerships (Schedule R)
  • Completing Form 990-T
Objectives
  • To recall characteristics of the core Form 990
  • To recognize what is involved in creating a tax-exempt organization
  • To identify the key governance issues the IRS believes are necessary for a charity to operate effectively and consistent with tax law requirements
  • To recognize some of the basic filing requirements of the core Form 990
  • To identify the importance of the proper completion sequence of Form 990's parts and schedules
  • To identify which organizations need to complete Part IV
  • To recognize tax compliance issues that may affect a tax-exempt organization's completion of Form 990
  • To identify the information that Part VI requires regarding an organization's governing body and management, governance policies, and disclosure practices
  • To recognize who must be listed in the organization's Form 990 as highest compensated
  • To identify types of revenue that must be included in the Statement of Revenue
  • To identify types of expenses that must be included in the Statement of Functional Expenses
  • To identify balance sheet requirements of Part X
  • To identify reporting requirements for the method of accounting and allocation used in completing the Form 990
  • To identify reporting requirements for filing Schedule A
  • To identify reporting requirements for filing Schedule B
  • To identify what is included as political campaign and lobbying activities
  • To identify the types of items that are included on Schedule D
  • To recognize reporting requirements for filing Schedule E
  • To recognize reporting requirements for filing Schedule F
  • To identify the types and amounts of fundraising and gaming activities that must be included on Schedule G
  • To recognize who must file and the reporting requirements for filing Schedule H
  • To recognize reporting requirements for filing Schedule I
  • To identify the types of compensation that must be included for all of the listed persons for Schedule J
  • To recognize what must be included on Schedule K
  • To identify interested persons as they relate to Schedule L
  • To identify the types of property that must be reported on Schedule M
  • To identify the reporting requirements for filing Schedule N
  • To identify the purpose of Schedule O and the types of narratives that are included on this schedule
  • To recall how to report related organizations
  • To recognize who must file and the reporting requirements for filing Form 990-T

PLEASE NOTE: CPE credit measurement is based on NASBA Registry and QAS guidelines of one credit for every 50 minutes. Credit calculation may vary in different states — check with your State Board of Accountancy. Unless otherwise noted in the specific course description, no advanced preparation is required in order to register or complete any PES CPE course. Use of materials or services provided by Professional Education Services, LP ("PES") are governed by the Terms and Conditions stated on PES' website www.mypescpe.com. PES provides these courses with the understanding that it is not providing any accounting, legal, or other professional advice and assumes no liability whatsoever in connection with its use. PES has used diligent efforts to provide quality information and material to its customers, but does not warrant or guarantee the accuracy, timeliness, completeness, or currency of the information contained herein. Ultimately, the responsibility to comply with applicable legal requirements falls solely upon the individual licensee, not PES. PES encourages you to contact your state Board for the latest information and to confirm or clarify any questions or concerns you have regarding your duties or obligations as a licensed professional.