Revised Form 990: A Line-by-Line Preparation Guide

by Jody Blazek, Amanda Adams

A line-by-line preparation guide to the completely new and revised Form 990 for nonprofit organizations The accurate and complete preparation of Form 990—the information return that must be filed annually by most types of tax-exempt organizations—is a key factor in maintaining public image and fundraising capabilities. The newly redesigned Form 990 was released in December 2008 with significant revisions to the initial June 2007 draft. Preparation of the new return will require tax-exempt organizations to gather extensive new information about their activities for disclosure on the new form beginning with their 2008 tax year. In Revised Form 990: A Line-by-Line Preparation Guide , authors Jody Blazek—who with other AICPA Task Force members was instrumental in effecting changes to the original IRS draft of the form—and Amanda Adams, provide step-by-step and line-by- ine analysis and preparation guidelines for nonprofit professionals and nonprofessionals alike charged with preparing and submitting the form. This hands-on workbook walks you through the process of producing an annual report to the IRS that demonstrates continued qualification for exempt status for a nonprofit organization, explaining the information requested page by page and part by part. It addresses the issues and challenges for each part, particularly the new schedules. As each part is explained, the authors suggest when certain answers have negative consequences. Guidance is provided for functional expense reporting and generally accepted accounting principles for reporting revenues. A good discussion of the differences between book and tax reporting and records needed to accurately display financials for tax purposes is included. The Form 990-PF and Form 990-T are also examined.

320 pages, Paperback

First published April 13, 2009

Reviews

[Claire S · Rating 4 out of 5]

Pretty good, quick intro (yet with a level of substance at many useful points) to the new 990, approved in the last few days of 2008, applicable to 2008 (brutal).. will be very helpful as I create our chart of accounts to provide data for the 990 as easily as possible. Extensive info on the other schedules as well. Index..
One area of concern - almost nothing on in-kind. Very disconcerting.
Usually 'exploring/skimming' means I'm reading less than all. In this case, I've skimmed all of it already, and now will be re-reading, making copies of certain pages for reference, etc.. for a while yet. Will need other sources too, but this is definitely a good one, as I prepare the 2009 with our consultants, and then as of 2010 on my own theoretically, despite my longstanding loathing of all things tax.
---
Am using it now regarding the support test, and it does have a pretty useful level of detail and related ideas. And mentions other sources for further info.
A good resource!