The law, policy, and step-by-step guidanceto the all-new IRS Form 990
In December 2007, the IRS released the newly retooled Form 990, designed to enhance transparency, promote compliance, and inject the IRS into governance issues concerning tax-exempt organizations. The new return is now much lengthier than the previous return, requires much more disclosure of information by organizations than was previously required by the IRS, and will require tax-exempt organizations to monitor activities beginning with tax year 2008 for disclosure on the new form.
An essential tool for executive directors and officers of tax-exempt organizations as well as their lawyers and accountants, The New Form 990 provides a comprehensive and timely bellwether to help readers navigate this significant, complex, and extraordinary document. Providing the necessary laws and policies that correspond with the various questions and disclosures posed by the form, The New Form 990 also includes step-by-step instructions to assist tax-exempt organizations and tax return preparers with their analysis and preparation of the required reporting on the form.
The redesigned Form 990 is no ordinary information return and no ordinary government form. Jam-packed with law, policy, and preparation discussion and advice, The New Form 990 is designed to help readers save considerable time, money, and effort preparing and filing their new and expanded returns.
From the Back Cover
The New Form 990 Law, Policy, And Preparation
The accurate and complete preparation of Form 990—the information return that must be filed annually by most types of tax-exempt organizations—is key to maintaining tax-exempt status, public image, and fundraising capabilities. In December 2007, the IRS released the newly redesigned Form 990. The publication of this significantly expanded return has created, and is creating, many new laws . . . and confusion. Recognizing that far too many nonprofit organizations are unprepared for what is coming their way, The New Form 990 channels its stellar author team’s decades of legal expertise to provide tax-exempt organizations and tax return preparers with the help they need to properly, effectively, and accurately prepare the new return.
Professionals working to prepare this new labyrinthine form are guaranteed to encounter many unexpected hurdles.Authors Hopkins, Anning, Gross, and Schenkelberg provide readers with guidance and a road map to help maneuver through the revised Form 990, including summaries of the law underlying each of the parts and questions in the return, so that tax-exempt organizations and their advisors can understand the background law whenformulating answers to the questions.
Deftly covering both pre-existing and newly created laws as well as discussions of policy and preparation, The New Form 990 brims with line-by-line analyses as well as numerous checklists of steps to take to be in the best possible position to prepare the return. Coverage includes:
-
Preparation of Parts I–XI and Schedules A–R
-
Compliance tasks
-
Checklist of schedules
-
Corporate governance
-
Compensation
-
Revenue, expenses, and balance sheets
-
Public charity status
-
Legislative activities
-
Reporting and disclosure requirements
-
Supplemental financial statements
-
Tax-exempt schools
-
Fundraising and gaming activities
-
Tax-exempt hospitals
-
Domestic grantmaking
-
Foreign activities
-
And more
The impact of Form 990 on the management, operations, and governance of most exempt organizations is massive. The New Form 990 is a beacon for organizations struggling to revamp their operations and upgrade their practices in order to complete this capacious new return.
About the Author
Bruce R. Hopkins is a senior partner with the firm Polsinelli Shughart and the author of more than twenty-five books, including The Law of Tax-Exempt Organizations, Ninth Edition, Planning Guide for the Law of Tax-Exempt Organizations, and Nonprofit Law Made Easy (all published by Wiley).
Douglas K. Anning is a shareholder with Polsinelli Shughart, concentrating on tax-exempt and healthcare law.
Virginia C. Gross is a shareholder with Polsinelli Shughart and concentrates her practice on tax matters and nonprofit organization law.
Thomas J. Schenkelberg is chair of Polsinelli Shughart’s Nonprofit Organizations Practice Group and also focuses his practice on tax-exempt organization law matters.
Wow! eBook
