Be Prepared to Deal With Form 990 and UBIT Concerns
The increasing size, diversity and intricacy of the exempt sector have made it necessary for the IRS to revise Form 990 and to address complexities such as unrelated business income. Are you and your organization prepared for these changes? Join our experienced faculty as they walk you through important steps for completing Form 990 and answer your UBIT questions. Look ahead to next year's return with a thorough understanding of which errors to watch for and avoid. Register today!
- Learn the purpose of the Form 990 revision and redesign.
- Identify activities that generate unrelated business income.
- Walk through the most important steps for a complete Form 990 return.
- Clarify the difference between new schedule options and know which apply to your organization.
- Understand and apply recent IRS rulings and court cases to your situation.
- Advise your organization on which reporting errors to avoid.
- Examine ethical concerns specific to organizations with tax-exempt status.
FORM 990 REDESIGN
9:00 - 9:45, Patricia Jo Mayer and Erin L. Miller
- Purpose of Revision
- Significant Changes
- Number of Schedules and the Reasons Why
TEN STEPS TO A COMPLETE FORM 990
9:45 - 10:45 and 11:00 - 12:00, Patricia Jo Mayer and Erin L. Miller
- Heading Letter Items
- Summary, Part I
- Signature Block, Part II
- Parts III, V and VII
- Basic Financial Schedules
- Schedules and Check Boxes, Part IV
- Governance, Management and Disclosure, Part VI
- Related Organizations, Disregarded Entities and Joint Ventures
- Gross Receipts, Parts VIII through XI
- Transactions With Interested People, Schedule L
ERRORS TO AVOID ON FORM 990
12:00 - 12:45, Patricia Jo Mayer and Erin L. Miller
- IRS Enforcement and Red Flags
- Obvious Audit Errors
- Reporting Penalties
UNRELATED BUSINESS INCOME TAX
1:45 - 2:45, Jonathan A. Grissom
- Basic Legal Principles
- Critical Definitions Involved
- Activities That Generate UBI
- Statutory Exclusions
- Advertising Issues
- Allocating Costs
- Tax Consequences
3:00 - 4:00, Jonathan A. Grissom
- Attorney-Client Privilege
- Conflicts of Interest
- Recognitions and Discussion of Tax-Exempt Status Abuse
RECENT UBIT CASES AND RULINGS
4:00 - 4:30, Jonathan A. Grissom