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

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Overview

The New Form 990 Law, Policy, And Preparation

The accurate and complete preparation of Form 990—theinformation return that must be filed annually by most types oftax-exempt organizations—is key to maintaining tax-exemptstatus, public image, and fundraising capabilities. In December2007, the IRS released the newly redesigned Form 990. Thepublication of this significantly expanded return has created, andis creating, many new laws . . . and confusion. Recognizing thatfar too many nonprofit organizations are unprepared for what iscoming their way, The New Form 990 channels its stellarauthor team's decades of legal expertise to provide tax-exemptorganizations and tax return preparers with the help they need toproperly, effectively, and accurately prepare the new return.

Professionals working to prepare this new labyrinthine form areguaranteed to encounter many unexpected hurdles.Authors Hopkins,Anning, Gross, and Schenkelberg provide readers with guidance and aroad map to help maneuver through the revised Form 990, includingsummaries of the law underlying each of the parts and questions inthe return, so that tax-exempt organizations and their advisors canunderstand the background law whenformulating answers to thequestions.

Deftly covering both pre-existing and newly created laws as wellas discussions of policy and preparation, The New Form 990brims with line-by-line analyses as well as numerous checklists ofsteps to take to be in the best possible position to prepare thereturn. 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, andgovernance of most exempt organizations is massive. The New Form990 is a beacon for organizations struggling to revamp theiroperations and upgrade their practices in order to complete thiscapacious new return.

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Editorial Reviews

From the Publisher
"This book is a most timely and invaluable resource for officers of tax-exempt entities as well as their associates and advisors in the legal and financial fields. A must buy for any organization facing these new Form 990 reporting requirements." (Estate Planning, February 2010)
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Product Details

  • ISBN-13: 9780470375051
  • Publisher: Wiley
  • Publication date: 1/9/2009
  • Edition description: New
  • Edition number: 1
  • Pages: 622
  • Product dimensions: 7.20 (w) x 10.10 (h) x 1.70 (d)

Meet the Author

Bruce R. Hopkins is a senior partner with the firmPolsinelli Shughart and the author of more than twenty-five books,including The Law of Tax-Exempt Organizations, NinthEdition, Planning Guide for the Law of Tax-ExemptOrganizations, and Nonprofit Law Made Easy (allpublished by Wiley).

Douglas K. Anning is a shareholder with PolsinelliShughart, concentrating on tax-exempt and healthcare law.

Virginia C. Gross is a shareholder with PolsinelliShughart and concentrates her practice on tax matters and nonprofitorganization law.

Thomas J. Schenkelberg is chair of Polsinelli Shughart'sNonprofit Organizations Practice Group and also focuses hispractice on tax-exempt organization law matters.

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Table of Contents

About the Authors.

Preface.

Chapter One: Part I—Overview of New Form990.

§ 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 ServiceAccomplishments.

§ 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 ofSchedules.

§ 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 TaxCompliance.

§ 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—CorporateGovernance.

§ 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 ScheduleJ—Compensation.

§ 6.1 Law and Policy.

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

§ 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 CharityStatus.

§ 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—LegislativeActivities.

§ 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—PoliticalActivities.

§ 10.1 Law and Policy.

§ 10.2 Preparation of Schedule C.

§ 10.3 Schedule C Compliance Tasks.

Chapter Eleven: Schedule D—SupplementalFinancial 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-ExemptSchools.

§ 12.1 Law and Policy.

§ 12.2 Preparation of Schedule E.

Chapter Thirteen: Schedule F—ForeignActivities.

§ 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 andGaming 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—DomesticGrantmaking.

§ 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-ExemptBonds.

§ 17.1 Law and Policy.

§ 17.2 Preparation of Form.

§ 17.3 Schedule K Compliance Tasks.

Chapter Eighteen: Schedule L—Transactions withInterested 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—NoncashContributions.

§ 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 ofAssets.

§ 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—RelatedOrganizations 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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