Revised Form 990: A Line-by-Line Preparation Guide by Jody Blazek

By Jody Blazek

A line-by-line guidance consultant to the thoroughly new and revised shape 990 for nonprofit organizationsThe actual and whole education of shape 990-the info go back that needs to be filed every year by way of such a lot varieties of tax-exempt organizations-is a key think about conserving public photo and fundraising functions. The newly redesigned shape 990 used to be published in December 2008 with major revisions to the preliminary June 2007 draft. training of the hot go back would require tax-exempt organisations to collect broad new information regarding their actions for disclosure at the new shape starting with their 2008 tax year.In Revised shape 990: A Line-by-Line guidance consultant, authors Jody Blazek-who with different AICPA job strength participants used to be instrumental in effecting alterations to the unique IRS draft of the form-and Amanda Adams, supply step by step and line-by-line research and practise directions for nonprofit pros and nonprofessionals alike charged with getting ready and filing the form.This hands-on workbook walks you thru the method of manufacturing an annual report back to the IRS that demonstrates persisted qualification for exempt prestige for a nonprofit association, explaining the data asked web page through web page and half by way of half. It addresses the problems and demanding situations for every half, relatively the recent schedules. As each one half is defined, the authors recommend whilst yes solutions have unfavorable effects. counsel is equipped for useful cost reporting and customarily authorized accounting ideas for reporting sales. a very good dialogue of the variations among e-book and tax reporting and files had to correctly reveal financials for tax reasons is integrated. the shape 990-PF and shape 990-T also are tested.

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Extra resources for Revised Form 990: A Line-by-Line Preparation Guide

Example text

7  A computer-based fund accounting system, in which department codes are automatically recorded as moneys are expended, is preferable. The cost of the software is easily recouped in staff time saved, improved planning, and possibly tax savings due to a reduction in income and excise taxes. 8 So long as the method clearly reflects income, either the cash, modified cash, or the accrual method may be used. For its simplicity, many organizations use the cash method in their early years, meaning only the actual cash received and expended is reported as the financial activity for the year.

24. Defined in Rev. Proc. B. 13. 25. Treas. Reg. 7701–2(c)(2). 26. The IRS has made an exception to this rule for short periods ending before December 31, 2008. It will allow those organizations to use the 2007 Form 990 to file their short-period return even if the short period begins in 2008. 27. R. 2670, §1314. 28. See Blazek, Tax Planning and Compliance, 4th edition, Ch. 18, for a thorough outline of the determination process. 29. Treas. Reg. 6033–4. 30. B. 1060. 31. IRS Publication 4573 (12–2006) expanded on the exemption and filing requirements for group exemptions and can be studied by prospective and existing Group Exemption holders.

Investments in land, a partnership, a subsidiary corporation, or other investments are not addressed in this SFAS. Marketable equity and debt securities are reported at their fair market value. Such investments are initially reported at their acquisition cost (including brokerage and other transaction fees) if purchased and at fair value if they are received as donations or through an agency transaction. Changes in fair value of such investments are reflected in the statement of activity (income statement) as unrealized gain or loss and increase or decrease unrestricted net assets unless their use is temporarily or permanently restricted by donors to a specified purpose or future period.

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