Virtual Nonprofit Series: 2024 Tax Update and Form 990 Common Red Flags to Avoid

Overview

This seminar is session three of the four-part Nonprofit Virtual Series. View other sessions included in the series HERE.

Highlights

• Stay up to date on recent tax law and legislation updates and adopt its operations and governance practice to stay compliant. 
• Learn how to conduct advocacy and lobbying activities during the election year without jeopardizing its tax-exempt status.
• Identify common red flags on Form 990 and its Schedules.
  

Designed For

CPAs and accounting professionals working in nonprofits or who have nonprofit organizations as clients, financial officers or board members of nonprofits.

Objectives

This session explores recent tax legislation updates, including proposed DAF regulations, President Biden’s Budget Proposals related to tax-exempt organizations, House Ways and Means Committee Legislative Markups, and recent Litigation updates. Discussion will include tips and tricks on advocacy efforts conducted by 501(c)(3) public charities during the election year to stay compliant. 

Addition focus will cover Form 990, which serves as a beacon of transparency and a window into the financial and operational activities of a tax-exempt organization. Ensuring the accurate and complete preparation Form 990 is crucial for each organization in order to maintain its tax-exempt status and avoid an IRS audit. Discuss common mistakes and red flags to avoid when preparing the Form 990. 

Learn the the ins and outs of preparing an accurate and complete Form 990 and its schedules and how to protect the organizations’ tax-exempt status and stay compliant by keeping up with the latest updates in tax legislations.