Interested Person Sunshine: 990 Schedule L, Parts II-IV (C48287)


Cancellation Policy

Please note that this webinar Is from a third party vendor, CPA Crossings. We strongly recommend registering no later than one-hour before the webinar begins. Please contact CPA Crossings webinar hotline if you do Not receive your webinar invitation via email within five minutes after registering:  877-370-2220 ext. 1. Thank you.

Date(s):

01/25/2021

Registration Open:

12:00 AM - 9:30 AM

Time:

9:30 AM - 11:30 AM

Facility:

 Online

Meeting Type:

Webinars

CPE Credit:

2.00

Field(s) Of Study:

Taxation (2.00)

Level of Knowledge:

Intermediate

Price:

Member: $79.00
Nonmember: $99.00

Individual Discounts:

Not Available

Overview

After attending this presentation you will be able to...

  • Recall the five categories of IPs applying uniformly across Parts II–IV of the Schedule, as well as the joint venture category that also applies to Part IV 
  • Retain both Part IV’s business transaction dollar thresholds that apply to disclosing compensation paid to an IP whose status exists as a "family member" of a first tier IP and to all other types of business transactions
  • Identify the chief exception to reporting of grants and assistance provided to interested persons in Part III
  • Address how to make "best foot forward" narratives in Schedule L's blank lines (Part V), including how to override public relations concerns stemming from reporting insider transactions in Parts II-IV

Highlights

The major topics that will be covered in this class include:

  • Review of the "harmonized" five categories by which "Interested Person" (IP) status vests and explanation of the additional categories in play for Parts II and IV
  • Tips for accessing appropriate documentation from Trustees-Directors, Officers and Key Employees as to presence of reportable events with them or with those who have IP status because of family member status or as a "35% controlled entity" of IPs
  • Handling Part IV's "business transactions" reportable thresholds and working with the exceptions from "business transaction" characterization
  • "Yes this means you!" -- addressing IP's privacy concerns and/or requests to omit individuals or company names when reporting business transactions on Part IV
  • Reporting demands of Part II, including aspects of managing loans with IPs in favor of public relations needs raised by this part
  • Reporting demands of Part III, including: drill-down into the two key exceptions to Part III's reporting of grants or assistance to an IP and address of educational institutions' exception from requirement to disclose names of scholarship or fellowship recipients and how same connects to governance reporting in Core Form 990's Part VI

Speaker(s)

Prerequisites

Education on and/or experience with Schedule L's instructions