Form 990 New Disclosure Requirements for Not-for-Profit Hospitals
Protecting Tax-Exempt Status While Complying With IRS Transparency Obligations
Recording of a 90-minute CLE teleconference with Q&A
Conducted on Wednesday, May 6, 2009
Recorded event now available
This seminar will examine the legal implications of the new transparency requirements of Form 990 for not-for-profit hospitals and the current enforcement climate for tax law violations. The seminar will provide best practices for protecting tax-exempt status while complying with the new disclosure requirements.
Description
The IRS recently overhauled the Form 990 to eliminate abuse by tax-exempt organizations. The new form forces nonprofit hospitals to prove they are eligible for favorable tax treatment and to disclose information on corporate governance practices and financial relationships.
Hospitals must submit the new form with returns filed beginning May 15, 2009, for the 2008 tax year. As hospitals prepare to comply with the new disclosure requirements, they should review and adjust practices regarding board composition, corporate governance and charity care.
Listen as a panel of health law attorneys explains the legal and business implications of the new transparency requirements and the increasingly challenging enforcement climate for tax law violations. The panelists will suggest best practices for protecting tax-exempt status while complying with the new disclosure requirements.
Outline
- Form 990 disclosure requirements
- Corporate governance implications
- Financial arrangements with insiders
- Community benefit standard
- Current enforcement environment
- Whistleblower statutes
- IRS compliance checks
- Best practices for protecting non-exempt status
- Conflicts of interest
- Whistleblower policy
- Document retention and destruction
- Investments and joint ventures
- Gift acceptance policy
- Compensation policies
- Charity care
- Debt collections policy
Benefits
The panel will review these and other key questions:
- What corporate governance implications arise from Form 990's new disclosure requirements?
- How is the IRS increasing its efforts to identify and address tax law violations by not-for-profit hospitals?
- What steps should not-for-profit hospitals take immediately to protect their non-exempt status when providing the information required by the Form 990?
Faculty
James R. King,
Partner
Jones Day, Columbus, Ohio
He chairs the firm's healthcare practice's Tax Exempt Organization and Corporate Governance Team, counseling health facilities on tax and corporate governance matters.
Patrick S. Coffey,
Partner
Locke Lord Bissell & Liddell, Chicago
He concentrates his practice in the representation of healthcare-related entities in complex business litigation, internal investigations and white collar criminal defense matters.
T. J. Sullivan,
Partner
Drinker Biddle, Washington, D.C.
He advises tax-exempt organizations on complex regulatory issues. He previously worked for the IRS, where he specialized in matters involving the tax treatment of hospitals.
Ordering
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CLE:
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Customer Reviews
The seminar provided good practical examples and advice plus good Q&A.
Don Weinbren
Trenam Kemker
I liked the topic and the tools provided in the handouts.
Mildred Johnson
Texas Tech University Health Sciences Center
The webinar was clearly presented and organized. It was a good mixture of the law and practice.
David N. Crapo
Gibbons P.C.
The program included very informative information on an important subject.
Jamie L. Webb
Baker Manock & Jensen PC
The speakers were well versed and kept my attention throughout the program.
Natalie Kossak
Independent Fiduciary Services
Health Law Advisory Board
Partner
Arent Fox
Partner
Faegre Baker Daniels
Member
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo
Partner
Rivkin Radler
Principal
Ober Kaler
Partner
Garfunkel Wild & Travis
Partner
McDermott Will & Emery
Donald H. Romano
Of Counsel
Foley & Lardner
Partner
Foley & Lardner
Shareholder
Cozen O’Connor
Partner
Drinker Biddle & Reath
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