Form 990: Exploring the Form?s Complex Schedules

Mastery of the current Form 990 beyond its Core Form pages requires an understanding of the Form's transparency demands relating to multiple complex issues, including: Transactions with certain insiders, expanded disclosure of highly-comp'd individuals' calendar year compensation, identifying and reporting in the presence of, "related organizations," nuances of the two "public support tests", undertaking of foreign operations, and more.

This book covers the most advanced tax and nonprofit issues related to Form 990's Schedules. You will not only gain an understanding of the tax and practical points necessary to complete Schedules A, C, F, J, K, L, N, and R of the current Form 990, but you will also be advised as to how to communicate with exempt clients on each of these Schedules' unique demands.

This book will prepare you to do the following:

• Distinguish between the in-flows of each of the public support tests, apply each test's calculations, and identify what defines a supporting organization, and note such entities' types and attendant reporting obligations.
• Distinguish the reporting obligations of 501(c)(3) organizations with respect to lobbying versus that of the proxy tax in place for 501(c) (4), (5), and (6) organizations, and note required electioneering reporting of all 501(c) entities.
• Recognize the triggers for Schedule F.
• Recall the definitions of Interested Persons applied within each Part of Schedule L.
• Recognize the expanded compensation reporting and management practices inquired of in Schedule J.
• Appreciate both the need for bond counsel involvement in completing Schedule K and the diverse scenarios that trigger Schedule N.
• Identify the common reporting disclosures required in the presence of "related organizations" and the unique reporting demands applied, based on type of entity.

Eve Borenstein, JD, has practiced law since 1985, operating for 15 years the Tax Exempt Law Office of Eve Rose Borenstein, LLC until that firm merged in 2004 into Borenstein & McVeigh Law (renamed BAM Law Office, LLC in 2017). In both firms, she has been exclusively engaged with the unique tax and regulatory rules applied by the IRS and federal and state agencies to "tax-exempt" organizations. For more than two decades, Borenstein has been actively engaged in the American Bar Association's Tax Section Committee on Exempt Organizations, working from that platform, as well as with various other professional groups and committees (including those of the AICPA), to provide feedback to the IRS on exempt organization forms and procedures. She has authored and instructed four exempt organization CPE courses offered by State CPA societies (two on the Form 990 and two on EO tax mandates). She was the co-author of the AICPA's Comprehensive Form 990 course in 2013-2015, and is the co-author of AICPA’s two 8 cpe Form 990 courses available in the 2016-2018.

Jane M. Searing, CPA, M.S. Taxation, is a tax shareholder with Clark Nuber, P.S. in Bellevue, Washington. She leads the firm's public charity and private foundation tax practice. She is a past chair and current associate member of the AICPA Exempt Organizations Technical Resources Panel and has served as chair of the panel during the years of the Form 990 redesign and continues to provide the IRS with input on continued improvements to the form. Searing currently serves on the AICPA Tax Reform Task Force and is a former member of the Tax Executive Committee. She specializes in issues of public disclosure, income and excise tax planning for exempt organizations and their taxable subsidiaries, international financial transactions and compliance, as well as complex social venture structures and charitable giving strategies. She has extensive experience with IRS examinations, appeals, exemption applications, and ruling requests.