Correcting Common Form 990 Errors: Identifying Audit Triggers and Remedying Prior Year Filings
Penalty Abatements, Fixing Prohibited Transactions, Reconciling Related Organization Transaction Errors
Recording of a 110-minute CPE webinar with Q&A
This webinar will provide advisers to nonprofit and exempt organizations with a practical guide to identifying, avoiding and correcting the most common and complex errors in completing Form 990 and Form 990-PF. The panel will focus on the mechanics of tax reporting, offer concrete examples of corrective entries for prior year errors, discuss recent IRS guidance on Form 990 filing deficiencies, and detail obtaining relief from IRS sanctions.
- Administrative or “housekeeping” errors that present audit risks for exempt organizations
- Recognizing substantive Form 990 errors
- Repairing errors in prior year filings
- Common errors specific to private foundations
The panel will discuss these and other important topics:
- What errors on Form 990 filings are IRS audit triggers?
- What must tax advisers to exempt organizations be mindful of concerning related organizations in reviewing prior years Form 990 returns?
- Requesting penalty abatements for incomplete or incorrect filings
- Remedying excess benefit transactions and prohibited transactions with interested persons
Kathryn J. Okimoto, CPA
Ms. Okimoto focuses her practice on public charities including hospitals, museums, and social service agencies, private... | Read More
Ms. Okimoto focuses her practice on public charities including hospitals, museums, and social service agencies, private foundations and private operating foundations, unrelated business income, entity structures and IRS correspondence. She is a private foundation and nonprofit expert. She works with partnerships, corporations, exempt organizations, trusts and estates, and high net worth individuals. She presents at training seminars and authors articles in publications.Close
Jeanie Gorlovsky-Schepp, CPA
Alexander Aronson Finning CPAs
Ms. Gorlovsky-Schepp has extensive experience providing assurance, tax and consulting solutions for regional, national... | Read More
Ms. Gorlovsky-Schepp has extensive experience providing assurance, tax and consulting solutions for regional, national and international nonprofits. She is a leader in the firm's Nonprofit Tax practice, and her advice helps clients navigate complex issues such as unrelated business income tax (UBIT), state filing requirements, related-party transactions and executive compensation disclosures. She leads training programs for internal team members, clients, and regional & national industry associations on various topics, including strategic budgeting, Form 990 reporting and tax-exempt status.Close