Tax-Exempt Organizations Continue to Face Compliance Challenges With Form 990 Say BNA Webinar Panelists

August 11, 2010

ARLINGTON, Va., Aug. 11 /PRNewswire-USNewswire/ — The IRS overhauled Form 990, releasing its final version of the redesigned form in December 2007, the first major overhaul in nearly 30 years. Many tax-exempt organizations were required to use the new form beginning with the 2008 tax year, and today virtually all tax-exempt organizations must file Form 990 annually. Today, tax exempt organization experts from PricewaterhouseCoopers will lead a new BNA Tax & Accounting webinar on Form 990 that provides an overview of how that filing process went for some of the largest tax-exempt organizations and outlines the compliance challenges that these organizations continue to face.

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“Now, with the addition of two mandatory schedules for Form 990, compliance becomes even more burdensome,” says BNA Tax & Accounting senior analyst Sharon Fountain. Importantly, the 2009 version of the form filed this year includes two mandatory schedules which were optional for 2008. The program will review Schedule H for hospitals, which requires reporting of charity care, certain community benefits, and other hospital operational areas. The program also will review Schedule K for organizations with certain tax-exempt bond liabilities on their balance sheet, which requires disclosures regarding use of bond proceeds, private business use, and arbitrage.

In this 60-90 minute webinar, panelists will comprehensively cover:

  • How the implementation of the redesigned 2008 Form 990 went for many organizations
  • The major changes to the redesigned Form 990 focused on:
    • The summary page
    • Program service accomplishments
    • Governance and policies
    • Compensation
    • Transactions with interested persons
    • Financial statements
    • Foreign activities
    • Grants in the United States
    • Contributions, cash and non-cash
    • Fundraising and gaming
  • For 2009, the mandatory charity care and community benefit reporting for hospitals on Schedule H
  • For 2009, the mandatory tax-exempt bond reporting, private business use, and Schedule K

About the Speakers

Travis Patton is a Partner at PricewaterhouseCoopers in its National Tax Services practice and its Exempt Organizations Tax Services group, providing specialized tax services to exempt organizations with a focus on higher education and healthcare. He is resident in Washington, D.C. where he monitors legislative and regulatory developments from Capitol Hill and the Internal Revenue Service. Travis speaks at a wide range of industry conferences and is published in numerous technical journals. He is a Certified Public Accountant licensed in Virginia and the District of Columbia, and received a B.B.A. from the College of William and Mary and a M.S. in Taxation from American University.

Laura Parello is a Managing Director in the Exempt Organizations Tax Services group of PricewaterhouseCoopers specializing in healthcare, higher education and all not-for-profit practice areas. Currently leading the New York Metro Exempt Organizations Tax Services practice, with a total of 20 years experience, she successfully serves an eclectic variety of not-for-profit and related for-profit organizations. Laura has extensive experience in assisting not-for-profit organizations in revising existing and developing new internal programs to monitor compliance with IRS guidelines on intermediate sanctions, joint ventures, acquisitions/divestitures, employee recruitment, unrelated business income tax, tax-exempt bond compliance, and state and local taxation. Laura led the team on behalf of PricewaterhouseCoopers’ submission of comments to the IRS on the new redesigned Form 990. Laura earned a B.S. in Finance/Accounting from New York University’s Stern School of Business and a J.D. from New York Law School.

Meredith Monroe is a senior associate in PricewaterhouseCoopers’ Exempt Organization Tax Services practice and is based in New York City. Meredith provides tax compliance and consulting services to a variety of not-for-profit organizations, including healthcare organizations, higher education institutions, and private foundations. Her work focuses on detailed knowledge of the reporting requirements of the redesigned Form 990, unrelated business income tax, maintenance of public charity status, and excise taxes of private foundations. Meredith is a Certified Public Accountant, and she holds a B.A. from the University of Southern California and a M.S. in Taxation from Southern Methodist University.

To register for Form 990 – Lessons Learned From the IRS Redesign and Compliance Challenges That Tax-Exempt Organizations Continue to Face and obtain further information about CLE and CPE credits, go to http://www.bnatax.com/redesigned-form-990-webinar/ or call 1-800-372-1033, menu Option 6, then Option 1. The fee is $249 for BNA subscribers, $299 for nonsubscribers. To receive automatic, email notification of upcoming BNA webinars that may be of interest to you, go to: http://www.bna.com/emailsignup.htm

About BNA Tax & Accounting Webinars

BNA Tax & Accounting is the foremost source of tax and accounting research, news, practice tools, and guidance for tax attorneys, CPAs, corporate tax managers, estate planners, and financial accountants. Designed for today’s busy practitioners, our webinars offer the same expertise and relevance that are the hallmark of all BNA Tax & Accounting resources. In just 60-90 minutes, practitioners gain in-depth knowledge on a current tax or accounting topic from experts in that area — and benefit from practical applications that can be put to work immediately. Conference attendees have the opportunity to ask the speakers questions, and may be eligible to earn CLE or CPE credits — all from the convenience of their own office or conference room.

SOURCE BNA Tax & Accounting

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