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IRS Form 990: Tax Preparation Guide for Nonprofits, Revised Edition

IRS Form 990: Tax Preparation Guide for Nonprofits, Revised Edition

Jody Blazek

ISBN: 978-0-471-44853-2

Mar 2004

240 pages

Select type: Paperback

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Hands-on guidance to help nonprofits through the tax filing maze!

Get easy-to-use worksheets helping you manage such critical concerns as tax-exempt eligibility, reporting to the IRS, and tax compliance. Comprehensive, line-by-line instructions and checklists containing major tax compliance issues are supplied. This hands-on workbook walks you through the process of achieving and maintaining exempt status for a non-profit organization. Jody Blazek demystifies the process for financial professionals and nonprofessionals alike who are held accountable for the content of these forms.

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About the Author.

Chapter One: Tools, Concepts, Filing, and Reporting Requirements.

1.1 Find Out Why the Nonprofit Qualifies for Tax Exemption.

1.2 Filing Forms 990.

1.3 Public Inspection of Forms 990 and 1023 or 1024.

1.4 Accounting Issues.

Appendix 1A: Form 8868.

Chapter Two: Successful Preparation of Forms 990 and 990-EZ.

2.1 Form 990-EZ—Short Form.

2.2 Form 990, Part I—Income and Expense.

2.3 Part II—Statement of Functional Expenses.

2.4 Part III—Statement of Program Service Accomplishments.

2.5 Part IV—Balance Sheet and Reconciliation.

2.6 Part V—List of Officers, Directors, and Trustees.

2.7 Parts VI and IX—Other Information.

2.8 Part VII—Analysis of Income-Producing Activity.

2.9 Reporting by Political Organizations.

Appendix 2A: Form 990-EZ.

Appendix 2B: Form 990.

Appendix 2C: Schedule B.

Appendix 2D: UBI Codes.

Appendix 2E: Exclusion Codes.

Appendix 2F: Form 8871.

Appendix 2G: Form 8872.

Chapter Three: Form 990, Schedule A: For §501(c)(3) Organizations.

3.1 Parts I and II—Compensation.

3.2 Part III—Statement about Activities.

3.3 Part IV—Reason for Non–Private Foundation Status: §509(a)(1).

3.4 Part IV—Service-Providing Public Charities: §509(a)(2).

3.5 Part IV—Supporting Organizations: §509(a)(3).

3.6 Differences between §509(a)(1) and §509(a)(2).

3.7 Solving Troublesome Public Status Problems.

3.8 Part V—Private School Questionnaire.

3.9 Part VI-A—Lobbying Expenditures by Electing Public Charities—and Part VI-B—Lobbying Activity by Nonelecting Public Charities.

3.10 Part VII—Information Regarding Transfers, Transactions, and Relationships with Other Organizations.

Appendix 3A: Schedule A.

Appendix 3B: Form 5768.

Chapter Four: The Private Foundation Return.

4.1 Successful Completion of Form 990-PF.

4.2 The Part I Columns.

4.3 Line-by-Line Instructions for Revenues.

4.4 Line-by-Line Instructions for Expenditures.

4.5 Part II—Balance Sheets.

4.6 Part III—Analysis of Changes in Net Worth or Fund Balances.

4.7 Part IV—Capital Gains and Losses for Tax on Investment Income.

4.8 Reports Unique to Private Foundations.

4.9 Part V—Reducing the Tax Rate.

4.10 Part VI—Calculating the Excise Tax.

4.11 Part VII-A—Proof of Ongoing Qualification for Exemption.

4.12 Questions Seeking Evidence That No Sanctions Apply.

4.13 Part VIII—Information about Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees, and Contractors.

4.14 Part IX-A and B—Summary of Charitable Activities and Program-Related Investments.

4.15 Part X—Minimum Investment Return.

4.16 Part XI—Distributable Amount.

4.17 Part XII—Qualifying Distributions.

4.18 Part XIII—Undistributed Income.

4.19 Part XIV—Private Operating Foundations.

4.20 Part XV—Supplementary Information.

4.21 Part XV—Grants and Contributions Paid During the Year or Approved for Future Payment.

4.22 Part XVI-A—Analysis of Income-Producing Activity.

4.23 Part XVII—Information Regarding Transfers to and Transactions and Relationships with Noncharitable Exempt Organizations.

Appendix 4A: Form 990-PF.

Appendix 4B: Form 4720.

Chapter Five: Form 990-T: Exempt Organization Business Income Tax Return.

5.1 What Is Unrelated Business Income?

5.2 Exceptions and Modifications from Tax.

5.3 Unrelated Debt-Financed Income.

5.4 Who Files Form 990-T?

5.5 Due Dates, Tax Rates, and Other Filing Issues.

5.6 Normal Tax Income Rules Apply.

5.7 The Unique Design of the 990-T.

5.8 Categories of Deductions.

5.9 Cost Allocations.

5.10 In-Kind Donations.

Appendix 5A: Form 990-T.

Chapter Six: Successful IRS Communication.

6.1 Understanding the IRS Exempt Organization Division.

6.2 Reporting Organizational/Program Changes to the IRS.

6.3 Changing Fiscal Year.

6.4 Changing Accounting Method.

6.5 When to Amend a Form 990.

6.6 Changing Public Charity Class.

6.7 When the IRS Examines.



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