Correcting Common Form 990 Errors: Identifying Audit Triggers and Remedying Prior Year Filings
Penalty Abatements, Fixing Prohibited Transactions, Reconciling Related Organization Transaction Errors
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course 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
Magdalena M. Czerniawski, CPA, MBA
CBIZ Marks Paneth
Ms. Czerniawski is a member of the firm’s Nonprofit, Government & Healthcare Group. With over 15 years of... | Read More
Ms. Czerniawski is a member of the firm’s Nonprofit, Government & Healthcare Group. With over 15 years of nonprofit industry experience, she provides tax services to a wide array of nonprofits, including charitable organizations, schools, social welfare organizations, professional associations and private foundations.Close
Robert Lyons, CPA, MST
Mr. Lyons is a Tax Director, Exempt Organizations in the Nonprofit, Government & Healthcare Group at Marks Paneth... | Read More
Mr. Lyons is a Tax Director, Exempt Organizations in the Nonprofit, Government & Healthcare Group at Marks Paneth LLP. He brings to this role the skills he has developed during more than 30 years of providing tax and consulting services to his clients in the nonprofit, higher education, and public sector industries. Mr. Lyons' experience includes handling substantial exempt organization tax issues. He has testified in front of the House and Ways Committee in Washington, DC establishing the current treatment of affinity royalty arrangements. Mr. Lyons has also been involved in special projects related to unrelated business income for exempt organizations, including but not limited to state filing issues, including settlements, foreign filing requirements for off-shore activities and use of exempt bond proceeds. He has advised clients on the use of for profit subsidiaries as well as disregarded entities.Close