The New Form 990 Law, Policy, and Preparation

by Hopkins, Bruce R.; Anning, Douglas K.; Gross, Virginia C.; Schenkelberg, Thomas J.

• ISBN13: 9780470375051
• ISBN10: 0470375051
• Edition: 1st
• Format: Hardcover
• Copyright: 2009-01-09
• Publisher: Wiley

Summary

The New Form 990 covers the law, policy, and preparation of the new IRS Form 990. It includes summaries of the law underlying each of the parts and questions in the return, so that the preparer can understand the background law in formulating answers on the return. The subject matter is particularly timely and relevant given the release of the draft Form 990 last summer, the expected release of the final Form 990 in early 2008, and the commencement of the first tax year to which the form applies on January 1, 2008.

Author Biography

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.

Table of Contents

About the Authors

Preface

Part IùOverview of New Form 990

Form 990 Basics

IRS Guiding Principles

Import of New Form 990

New Form 990 Introduction

Summary of Parts of New Form 990

Law and Policy as to Summary

Preparation of New Form 990, Part I

Summary of New Form 990 Schedules

Form 990-EZ

Transition Rules

Draft Instructions

Part IIIùProgram Service Accomplishments

Law and Policy

Preparation of New Form 990 Part III

New Form 990 Compliance Tasks

Part IVùChecklist of Schedules

Law and Policy

Preparation of New Form 990 Part IV

New Form 990 Compliance Tasks

Part VùOther IRS Filings and Tax Compliance

Law and Policy

Preparation of New Form 990 Part V

New Form 990 Compliance Tasks

Part VIùCorporate Governance

Law and Policy

Preparation of New Form 990, Part VI

New Form 990 Compliance Tasks

Part VII and Schedule JùCompensation

Law and Policy

Preparation of New Form 990, Part VII and Schedule J

Part VII and Schedule J Compliance Tasks

Part VIII to IXùRevenue, Expenses, and Balance Sheet

Law and Policy

Preparation of New Form 990, Parts VIIIûXI

New Form 990 Compliance Tasks

Schedule AùPublic Charity Status

Law and Policy

Preparation of New Form 990 Schedule A

New Form 990 Compliance Tasks

Schedule CùLegislative Activities

Law and Policy

Preparation of Schedule C (a) Organizations Required to Report on Schedule C

Schedule C Compliance Tasks

Schedule CùPolitical Activities

Law and Policy

Preparation of Schedule C

Schedule C Compliance Tasks

Schedule DùSupplemental Financial Statements

Law and Policy

Preparation of New Form 990 Schedule D

New Form 990 Compliance Tasks

Schedule EùTax-Exempt Schools

Law and Policy

Preparation of Schedule E

Schedule FùForeign Activities

Law and Policy

Preparation of New Form 990 Schedule F

New Form 990 Compliance Tasks

Schedule GùFundraising and Gaming Activities

Law and Policy

Preparation of New Form 990 Schedule G

Preparation of Other Parts of New Form 990

New Form 990 Compliance Tasks

Schedule HùHospitals

Law and Policy

Preparation of New Form 990 Schedule H

New Form 990 Compliance Tasks

Schedule IùDomestic Grantmaking

Law and Policy

Preparation of New Form 990 Schedule I

New Form 990 Compliance Tasks

Schedule KùTax-Exempt Bonds

Law and Policy

Preparation of Form

Schedule K Compliance Tasks

Schedule LùTransactions with Interested Persons

Law and Policy

Preparation of New Form 990 Schedule L

New Form 990 Compliance Tasks

Schedule MùNoncash Contributions

Law and Policy

Preparation of New Form 990 Schedule M

New Form 990 Compliance Tasks

Schedule NùLiquidation, Termination, Dissolution, or Significant Disposition of Assets.

Law and Policy

Preparation of New Form 990 Schedule N

New Form 990 Compliance Tasks

Schedule RùRelated Organizations and Unrelated Partnerships

Law and Policy

Preparation of Form

Schedule R Compliance Tasks

Form 990 (2008)

Supplemental Instructions Information

Chapter 6 Part VII and Schedule J

Chapter 9: Schedule C

Index

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