Form 990: Best Practices for Accurate Preparation - Webcast

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Oct 21, 2022

Registration: 7:30 AM / Program: 8:00 AM - 4:00 PM Pacific Time

Fees

Member Fee: $0.00
Nonmember Fee: $0.00

Available Discounts

AICPA Member: None
Full time Accounting Educator: None

Description

In basic terms, Form 990 is the annual federal return that is required to be filed by all types of exempt organizations. The course takes the participant through the basics of Form 990. It covers the complete form and all the accompanying schedules. The course goes 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 points essential to completion of the Form 990 which has a 12-page core form and 16 schedules.

OSCPA has partnered with the Washington Society of CPAs for this event.

Designed For

CPAs, attorneys, and nonprofit managers

Objectives

When you complete this course you will be able to:

  • 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.
  • Identify 990 definitions and tax conventions employed in reporting on all aspects of financial statements (Parts VIII, IX, and X).
  • Recognize how to 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); and capture of property ("non-cash") contributions (Schedule M).

Major Subjects

  • Form 990 filing requirements
  • Form 990 preparation sequencing and how to pull together necessary data
  • Keys to getting Form 990 preparation correct the first time
  • Addressing presence of related organizations
  • Identification of managers and measurements of their compensation
  • Form 990 versus books-and-records financial statement detail
  • Disclosures of governance inputs and Boards' employ of policies

Did you know? The OSCPA member rate for CPE courses is extended to all OSCPA members and their employees who are not eligible for OSCPA membership. Members of other state CPA societies are also eligible for member rates.

After adding the course(s) to your cart, click "Apply Discounts" and select either "This person is an uncertified staff of an OSCPA member" or "This person is a member of another state CPA society."

If you would like to register for this event, please contact OSCPA at 800-255-1470, 503-641-7200, or email profdev@orcpa.org.


Leaders

Thomas Sheets

Thomas M. Sheets, CPA, is a certified public accountant with over 40 years experience in auditing, accounting, and tax return preparation for businesses and individuals. He established his own consulting, tax, and accounting practice 24 years ago in Enid, Oklahoma. He provides consulting, auditing, and tax planning and preparation services for a wide variety of individual clients and industries. Mr. Sheets started with a Big Eight accounting firm in Tulsa, Oklahoma, and then was with a large, local CPA firm in Enid, Oklahoma for 15 years. He has written and led seminars for leading providers of CPE for over 35 years on various topics including real estate accounting, construction accounting and tax, fraud in small businesses, tax issues for nonprofit organizations, preparation, compilation and review engagements, special purpose framework financial statements, and accounting and auditing updates.

(3/18/21)