Form 990: Responding to Key Changes in the Form and Regulations

Preparing to Report Foreign Investments and JV Assets, Meet New Compensation Thresholds, and Tackle Other Challenges

Recording of a 110-minute CPE webinar with Q&A


Conducted on Wednesday, April 25, 2012

Recorded event now available

or call 1-800-926-7926
Program Materials

This teleconference will prepare advisors to nonprofit organizations to handle all disclosures required under the latest changes for Form 990.

Description

The IRS' release of the 2011 tax year Form 990 and instructions in Jan. 2012 gave nonprofits and their advisors still more changes, on top of the final regulations (TD 9549) issued in Sept. 2011 that materially affect the information to be reported on Form 990 later this year.

The latest form changes include the need to complete Schedule F if foreign investments exceeded $100,000 in value. A Part X balance sheet will be required to report a distributive share of assets in any joint ventures and other partnership entities with a distributive share of investment income broken out.

Meanwhile, nonprofits and advisors continue to digest how to handle the public support test for a charity and new compensation-reporting standards under the final regs. Advisors to the NPO sector must master the Form 990 revisions and regs as the regular or extended deadline for this critical form approaches.

Listen as our panel of authoritative advisors brings you up to date on the latest changes in Form 990 to ensure you can help produce all statements and schedules completely and efficiently this year.

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Outline

  1. Changes in the revised Form 990 and instructions
    1. Completion of Schedule F if foreign investments during year exceeded $100,000 or more, vs. revenue or expenses from foreign activities exceeding $10,000 before
    2. Complete Part X (balance sheet) by reporting distributive share of assets in any joint ventures and other entities treated as partnerships
    3. Report contributions of conservation easements and other qualified conservation contributions consistently with books and records
    4. Report distributive share of investment income, royalties and rental income from joint ventures on specific lines in VII
    5. Changes to glossary such as revised definition of "grants and other assistance"
  2. Changes to Form 990 under TD 9549 final rules
    1. Threshold amounts for reporting compensation
    2. Compensation reported on annual basis
    3. Changes to rules on reporting a “substantial contraction”
    4. Elimination of advance ruling process
    5. Change in public support computation period
    6. Same accounting method on books and Form 990
    7. Effective date

Benefits

The panel will review these and other key questions:

  • Complying with the changes in the revised Form 990 for 2011 and instructions: Additional reporting of foreign investments, income from joint ventures and partnerships, new definition of "grants," etc.
  • Understanding the 2011 final regs: Implications of the new compensation-reporting threshold, elimination of the advance-ruling process, requirement for using the same accounting method as on books, etc.
  • Applying experiences from Form 990 compliance in prior years: How to leverage those best practices and plan compliance in 2012.

Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.

Faculty

Gary Bode
Gary Bode

Owner
Gary Bode

His practice includes an emphasis in nonprofit taxation advisory work. He is a frequent instructor and writer on...  |  Read More

David Lowenthal
David Lowenthal

Tax Senior Manager
Blackman Kallick

He is attached to the firm's Not-for-Profit Practice and works predominantly with trade and professional association,...  |  Read More

Rich Ruvelson
Rich Ruvelson
Director
Wipfli

He has nearly 25 years of experience in providing tax services to non-profit clients in a variety of marketplace...  |  Read More

John Panetta
John Panetta

Tax Shareholder, Non-Profit Services Group
Burr Pilger Mayer

He has more than 20 years of experience providing tax and business consulting services to exempt organizations. His...  |  Read More

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