Introduction to Form 990: Not-for-Profit Tax Compliance
You’ll learn to identify basic issues related to filing Form 990 for tax-exempt not-for-profit entities (NFPs).
Format
Online
NASBA Field of Study
Taxes
Level
Basic
CPE Credits
2
Author(s)
MTAX and William E. Turco, McGladrey, AICPA and CIMA staff
Availability
1 year
Product Number
NFP1TAX325SSO
The vast majority of not-for-profit organizations (NFPs) are required to file an annual Form 990 with the Internal Revenue Service (IRS). The Form 990 is not a tax return. Rather, it is an information return that reports financial and non-financial information to the IRS and the public. Accurate and complete reporting of Form 990 is critical not only to maintain an NFP's tax-exempt status, but also to uphold the organization's reputation and its ability to raise funds from donors, members, or other supporters.
Who Will Benefit
- New accountants interested in the basics of tax and compliance requirements that apply to tax-exempt, not-for-profit entities.
- Experienced accountants who are new to the not-for-profit industry or are in need of a refresher on tax and compliance requirements that apply to tax-exempt, not-for-profit entities.
Key Topics
- Form 990 overview
- Structure of the form 990
- Schedules to form 990
- Form 990 preparations
Learning Outcomes
- Recognize the purpose and basic requirements of IRS Form 990.
- Identify the structure and core components of IRS Form 990.
- Recognize the schedules and attachments that may be filed with Form 990.
- Recall how to prepare IRS Form 990 from financial statements.
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