Form 990: Best Practices for Accurate Preparation Webcast [F990]
Time: 7:00am - 3:00pm
Subject:
TaxationCredit Hours:
8.00Price:
Member: $320.00
Non-member: $475.00
Discussion Leader:
Thomas Sheets, CPA
more info
Tom Sheets is a Certified Public Accountant with over 27 years experience in auditing and tax return preparation for businesses and individuals. He provides business valuations, consulting, auditing and tax services for a wide variety of individual clients and industries including banks, construction contractors, nursing homes, and non-profit organizations. Mr. Sheets was with a large, local CPA firm in Enid, Oklahoma for 15 years before establishing his own consulting, tax and accounting practice nine years ago.
Mr. Sheets has written seminars on bank auditing, audits of construction contractors and information systems control and auditing. He has lead seminars on various accounting, auditing and tax topics including real estate accounting, fraud examinations, bank auditing, tax issues for nonprofit organizations, and nonprofit accounting and auditing.
“Tom Sheets is very informative on his material that he presents. I would take another class with him in the future.” - C. Culbert, attended Real Estate Accounting and Auditing.
closeWebsite registration for this course closes on October 20, 2022. To register after this date please contact the society at akcpa@ak.net or 907-562-4334.
Full Description
Form 990: Best Practices for Accurate Preparation Webcast (F990)October 21st, 2022 / 7:00 am 3:00 pm Alaska Time
Overview:
In basic terms, Form 990 is the annual federal return that is required to be filed by all types of exempt organizations. This course takes the participant through the basics of Form 990, and will cover the complete form and all the accompanying schedules. Course content will go line by line through the Form 990 and offers explanations and tips for accurate completion. Participants will gain an understanding of the tax and practical elements essential to completion of the Form 990 which has a 12-page core form and 16 schedules.
Major Topics:
- Primacy of the Form 990 as a "one size fits all" reporting mechanism
- Form 990 preparation sequencing and data gathering; and keys to getting Form 990 preparation right the first time
- Addressing presence of "related organizations"
- Identification of managers and measurements of their compensation
- 990 versus books-and-records financial statement detail
- Disclosures of governance inputs and Boards employ of policies
Learning Objectives:
- Identify the filing requirements for Form 990, Form 990-EZ and Form 990-N.
- Determine best practices for completing the core form.
- Recognize risks in preparing Form 990 and identify certain reporting red flags.
- Prepare for the most common Schedules that typically apply to 990 filers:
- Identification of public charity status (Schedule A)
- Reporting on donors (Schedule B); financial statement line items (Schedule D)
-Reporting on fundraising events, gambling, and use of professional fundraisers (Schedule G)
-- Grant-making (Schedule I)
--Capture of property ("noncash")
-- Contributions (Schedule M)
Designed For: CPAs and accounting professionals, Attorneys and Nonprofit managers
CPE Credits: 8, Taxation
Level of Knowledge: Intermediate
Prerequisite: Basic knowledge of taxation
Acronym: F990
Discussion Leader: Thomas Sheets, CPA
