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

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Overview

The law, policy, and step-by-step guidanceto the all-new IRS Form 990

In December 2007, the IRS released the newly retooled Form 990, designed to enhance transparency, promote compliance, and inject the IRS into governance issues concerning tax-exempt organizations. The new return is now much lengthier than the previous return, requires much more disclosure of information by organizations than was previously required by the IRS, and will require tax-exempt organizations to monitor activities beginning with tax year 2008 for disclosure on the new form.

An essential tool for executive directors and officers of tax-exempt organizations as well as their lawyers and accountants, The New Form 990 provides a comprehensive and timely bellwether to help readers navigate this significant, complex, and extraordinary document. Providing the necessary laws and policies that correspond with the various questions and disclosures posed by the form, The New Form 990 also includes step-by-step instructions to assist tax-exempt organizations and tax return preparers with their analysis and preparation of the required reporting on the form.

The redesigned Form 990 is no ordinary information return and no ordinary government form. Jam-packed with law, policy, and preparation discussion and advice, The New Form 990 is designed to help readers save considerable time, money, and effort preparing and filing their new and expanded returns.

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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 firm Polsinelli Shughart and the author of more than twenty-five books, including The Law of Tax-Exempt Organizations, Ninth Edition, Planning Guide for the Law of Tax-Exempt Organizations, and Nonprofit Law Made Easy (all published by Wiley).

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

Virginia C. Gross is a shareholder with Polsinelli Shughart and concentrates her practice on tax matters and nonprofit organization law.

Thomas J. Schenkelberg is chair of Polsinelli Shughart's Nonprofit Organizations Practice Group and also focuses his practice on tax-exempt organization law matters.

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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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