The New Form 990: Law, Policy, and Preparation / Edition 1

The New Form 990: Law, Policy, and Preparation / Edition 1

by Bruce R. Hopkins, Douglas K. Anning, Virginia C. Gross, Thomas J. Schenkelberg
     
 

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ISBN-10: 0470375051

ISBN-13: 9780470375051

Pub. Date: 01/09/2009

Publisher: Wiley

The New Form 990 Law, Policy, And Preparation

The accurate and complete preparation of Form 990—the information return that must be filed annually by most types of tax-exempt organizations—is key to maintaining tax-exempt status, public image, and fundraising capabilities. In December 2007, the IRS released the newly redesigned Form 990. The

Overview

The New Form 990 Law, Policy, And Preparation

The accurate and complete preparation of Form 990—the information return that must be filed annually by most types of tax-exempt organizations—is key to maintaining tax-exempt status, public image, and fundraising capabilities. In December 2007, the IRS released the newly redesigned Form 990. The publication of this significantly expanded return has created, and is creating, many new laws . . . and confusion. Recognizing that far too many nonprofit organizations are unprepared for what is coming their way, The New Form 990 channels its stellar author team's decades of legal expertise to provide tax-exempt organizations and tax return preparers with the help they need to properly, effectively, and accurately prepare the new return.

Professionals working to prepare this new labyrinthine form are guaranteed to encounter many unexpected hurdles.Authors Hopkins, Anning, Gross, and Schenkelberg provide readers with guidance and a road map to help maneuver through the revised Form 990, including summaries of the law underlying each of the parts and questions in the return, so that tax-exempt organizations and their advisors can understand the background law whenformulating answers to the questions.

Deftly covering both pre-existing and newly created laws as well as discussions of policy and preparation, The New Form 990 brims with line-by-line analyses as well as numerous checklists of steps to take to be in the best possible position to prepare the return. Coverage includes:

  • Preparation of Parts I–XI and Schedules A–R

  • Compliance tasks

  • Checklist of schedules

  • Corporate governance

  • Compensation

  • Revenue, expenses, and balance sheets

  • Public charity status

  • Legislative activities

  • Reporting and disclosure requirements

  • Supplemental financial statements

  • Tax-exempt schools

  • Fundraising and gaming activities

  • Tax-exempt hospitals

  • Domestic grantmaking

  • Foreign activities

  • And more

The impact of Form 990 on the management, operations, and governance of most exempt organizations is massive. The New Form 990 is a beacon for organizations struggling to revamp their operations and upgrade their practices in order to complete this capacious new return.

Product Details

ISBN-13:
9780470375051
Publisher:
Wiley
Publication date:
01/09/2009
Edition description:
New
Pages:
622
Product dimensions:
7.20(w) x 10.10(h) x 1.70(d)

Related Subjects

Table of Contents

About the Authors.

Preface.

Chapter One: Part I—Overview of New Form 990.

§ 1.1 Form 990 Basics.

§ 1.2 IRS Guiding Principles.

§ 1.3 Import of New Form 990.

§ 1.4 New Form 990 Introduction.

§ 1.5 Summary of Parts of New Form 990.

§ 1.6 Law and Policy as to Summary.

§ 1.7 Preparation of New Form 990, Part I.

§ 1.8 Summary of New Form 990 Schedules.

§ 1.9 Form 990-EZ.

§ 1.10 Transition Rules.

§ 1.11 Draft Instructions.

Chapter Two: Part III—Program Service Accomplishments.

§ 2.1 Law and Policy.

§ 2.2 Preparation of New Form 990 Part III.

§ 2.3 New Form 990 Compliance Tasks.

Chapter Three: Part IV—Checklist of Schedules.

§ 3.1 Law and Policy.

§ 3.2 Preparation of New Form 990 Part IV.

§ 3.3 New Form 990 Compliance Tasks.

Chapter Four: Part V—Other IRS Filings and Tax Compliance.

§ 4.1 Law and Policy.

§ 4.2 Preparation of New Form 990 Part V.

§ 4.3 New Form 990 Compliance Tasks.

Chapter Five: Part VI—Corporate Governance.

§ 5.1 Law and Policy.

§ 5.2 Preparation of New Form 990, Part VI.

§ 5.3 New Form 990 Compliance Tasks.

Chapter Six: Part VII and Schedule J—Compensation.

§ 6.1 Law and Policy.

§ 6.2 Preparation of New Form 990, Part VII and Schedule J.

§ 6.3 Part VII and Schedule J Compliance Tasks.

Chapter Seven: Part VIII to IX—Revenue, Expenses, and Balance Sheet.

§ 7.1 Law and Policy.

§ 7.2 Preparation of New Form 990, Parts VIII–XI.

§ 7.3 New Form 990 Compliance Tasks.

Chapter Eight: Schedule A—Public Charity Status.

§ 8.1 Law and Policy.

§ 8.2 Preparation of New Form 990 Schedule A.

§ 8.3 New Form 990 Compliance Tasks.

Chapter Nine: Schedule C—Legislative Activities.

§ 9.1 Law and Policy.

§ 9.2 Preparation of Schedule C.

(a) Organizations Required to Report on Schedule C.

§ 9.3 Schedule C Compliance Tasks.

Chapter Ten: Schedule C—Political Activities.

§ 10.1 Law and Policy.

§ 10.2 Preparation of Schedule C.

§ 10.3 Schedule C Compliance Tasks.

Chapter Eleven: Schedule D—Supplemental Financial Statements.

§ 11.1 Law and Policy.

§ 11.2 Preparation of New Form 990 Schedule D.

§ 11.3 New Form 990 Compliance Tasks.

Chapter Twelve: Schedule E—Tax-Exempt Schools.

§ 12.1 Law and Policy.

§ 12.2 Preparation of Schedule E.

Chapter Thirteen: Schedule F—Foreign Activities.

§ 13.1 Law and Policy.

§ 13.2 Preparation of New Form 990 Schedule F.

§ 13.3 New Form 990 Compliance Tasks.

Chapter Fourteen: Schedule G—Fundraising and Gaming Activities.

§ 14.1 Law and Policy.

§ 14.2 Preparation of New Form 990 Schedule G.

§ 14.3 Preparation of Other Parts of New Form 990.

§ 14.4 New Form 990 Compliance Tasks.

Chapter Fifteen: Schedule H—Hospitals.

§ 15.1 Law and Policy.

§ 15.2 Preparation of New Form 990 Schedule H.

§ 15.3 New Form 990 Compliance Tasks.

Chapter Sixteen: Schedule I—Domestic Grantmaking.

§ 16.1 Law and Policy.

§ 16.2 Preparation of New Form 990 Schedule I.

§ 16.3 New Form 990 Compliance Tasks.

Chapter Seventeen: Schedule K—Tax-Exempt Bonds.

§ 17.1 Law and Policy.

§ 17.2 Preparation of Form.

§ 17.3 Schedule K Compliance Tasks.

Chapter Eighteen: Schedule L—Transactions with Interested Persons.

§ 18.1 Law and Policy.

§ 18.2 Preparation of New Form 990 Schedule L.

§ 18.3 New Form 990 Compliance Tasks.

Chapter Nineteen: Schedule M—Noncash Contributions.

§ 19.1 Law and Policy.

§ 19.2 Preparation of New Form 990 Schedule M.

§ 19.3 New Form 990 Compliance Tasks.

Chapter Twenty: Schedule N—Liquidation, Termination, Dissolution, or Significant Disposition of Assets.

§ 20.1 Law and Policy.

§ 20.2 Preparation of New Form 990 Schedule N.

§ 20.3 New Form 990 Compliance Tasks.

Chapter Twenty-One: Schedule R—Related Organizations and Unrelated Partnerships.

§ 21.1 Law and Policy.

§ 21.2 Preparation of Form.

§ 21.3 Schedule R Compliance Tasks.

Appendix A: Form 990 (2008).

Appendix B: Supplemental Instructions Information.

§ B.1 Chapter 6 Part VII and Schedule J.

§ B.2 Chapter 9: Schedule C.

Index.

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