The major topics that will be covered in this class include:
- Overview of the methodology that Schedule L employs in its Parts II, III and IV to cast sunlight on the fact of that an "Interested Person" (IP) remained engaged with the filer in loan arrangements, or was the beneficiary of grants or assistance from the filer, or had business transactions with the filer that exceeded de minimis thresholds
- Introduction to the five categories by which IP status vests in reporting on non-excise-tax reached intersections (i.e., the five categories that apply across each of Schedule L's Parts II-IV)
- Explanation of the dollar-amount thresholds employed solely in Schedule L's Part IV (which is where disclosure of "business transactions" with IPs is required), along with preparation tips for this part
- Summary of Schedule L's Part III instructions as to what constitutes the provision of grants or assistance to an IP
- Overview of the special rule educational institutions have allowing them to not disclose the names of their scholarship or fellowship recipients in Part III
- The reach of Schedule L's Part II reporting on loans outstanding with IPs, along with preparation tips for this part
- Quick review of the Internal Revenue Code section 4958 excise tax scheme that 501(c)(3), (c)(4), and (c)(29) filers are subject to should they have conveyed "excess benefit" in any transaction with a disqualified person; and timing and disclosure considerations behind Schedule L's Part I