Form 990 Overhaul Speaker
Overview:Recently, the Internal Revenue Service released a revised draft of the Form 990 (the information return filed by most tax exempt organizations). The latest Draft is the first complete overhaul of this form in many years. The new form attempts to be more transparent to both the IRS and other readers of the form. To achieve this transparency, exempt organization must now provide much more information.
The Knowledge Congress has assembled a panel of distinguished experts to assist you in understanding this new form. The panel will discuss the form - its history, its implications and how to comply and understand its new features.
I. IRS Actions To Date Re 990
> Comments and changes
> Final Core Form and Schedules
- Legal requirements versus best practice and transparency
- Schedule O – describe and explain
- When released
- Substantive areas to be covered
- Opportunity for comment
- “Educational” content versus how to fill it out
> Transition relief for Schedules H and K
> Separate entity reporting versus consolidated reporting
> Retention of ability to file group returns
II. Core Form, Part VI – Governance
III. Schedule D, including FIN 48 footnote disclosure
IV. Schedule H
V. Schedule J
VI. Schedule L
VII. Schedule R
VIII. Schedule N
IX. Role Form 990 plays in enforcement and policy review
X. Case Study – How CEO Compensation shows up on Form 990B
XI. Case Study – How Joint Venture shows up on Form 990
Who Should Attend:
Accountants, Financial Officers, Senior Officers, Tax-exempt Auditors, Tax-exempt Organization Lawyers, Nonprofit organization executives.
A member of Jones Day's tax and health care practices, Jim is chair of the health care practice's tax-exempt organization and corporate governance team. Focusing on nonprofit and tax-exempt organizations and health care, he counsels clients on tax, transactional, regulatory, and corporate governance matters. Representative tax-exempt health care clients include Bon Secours Health System, Catholic Health Initiatives, the Cleveland Clinic, Iowa Health System, Loyola University Health System, ProMedica Health System, Sentara Health System, and the University of Pittsburgh Medical Center. Representative clients outside the health care field include the Columbus Foundation, the Internet Corporation for Assigned Names and Numbers, the Mandel Supporting Foundations, the Ohio Business Roundtable, the Ohio Farm Bureau Federation, and the Robert W. Woodruff Arts Center.
Representative projects for clients include assisting health care clients in responding to recent IRS compliance check questionnaires regarding community benefit and executive compensation practices, assisting clients in state tax exemption challenges based on allegations that clients have provided an insufficient amount of community benefit, advising clients regarding the impact of FIN 48 requirements on tax-exempt organizations, and counseling clients regarding the expanded public disclosures required by the IRS's proposed redesign of the Form 990. Jim also has significant experience with federal tax controversies, having responded to the recent focused IRS audits regarding compensation, as well as more traditional large case federal income tax controversies and U.S. Tax Court litigation. In the recent wave of nonprofit hospital billing cases, Jim represented nine hospital systems with regard to tax issues. He has also counseled tax-exempt health care clients responding to congressional inquiries regarding tax exemption matters, including three of the 10 large health care systems that recently received letters from the Senate Finance Committee regarding community benefit, charity care, joint ventures, and executive compensation.
During 2006, Jim was appointed to the Ohio Tax Commissioner's Advisory Council on Hospital Tax Exemption Matters, and during 2006, he was also appointed to the Ohio Attorney General's Ad Hoc Advisory Council on Charitable Trust Organizations. Jim is listed in The Best Lawyers in America in the tax, corporate, and health care areas; and he is a member of the American Health Lawyers Association (AHLA), where he has served as chair of AHLA's Charity Care Task Force and is currently a vice chair of the Tax and Finance Practice Group. In July 2007, Jim was appointed by the president of the Ohio State Bar Association to serve as a member of the Bar Association's Constitutional Review Task Force. In addition, Jim frequently writes and speaks on matters concerning nonprofit and tax-exempt organizations.
He graduated at Miami University (B.A. 1968); The Ohio State University (Associate Editor, Law Journal; Order of the Coif; J.D. 1974
A member of Jones Day's tax and health care practices, Jim is chair of the health care practice's tax-exempt organization …
Mr. Giardini is the Managing Director of WTAS’ Mid-Atlantic Exempt Tax Practice with more than 25 years of client advising experience. He is a former Tax Managing Director with KPMG and Pricewaterhouse Coopers and has significant experience with clients in the higher education and health care industries. His clients have included many of the largest private foundations and other tax exempt organizations in the Mid-Atlantic area including National Geographic Society, Freedom Forum, Inc., American University, William Penn Foundation, Sarah Scaife Foundation, West Penn Allegheny Health System, Johns Hopkins University, Upper Chesapeake Health System, Gettysburg College and Jefferson Health System, Inc.
Frank’s specific areas of tax and business expertise encompass: Intermediate Sanctions Planning and Compliance; University based Technology Transfer; Executive Compensation; Employment Classification and Compensation; Nonresident Alien Taxation; Unrelated Business Tax Planning; Fundraising; Tax aspects of Student Financial Aid; Taxable subsidiaries.
Frank is a 1978 graduate of LaSalle University (B.S. Accounting) and has a MS (Tax) from Villanova University. He is a licensed to practice before the Internal Revenue Service and other taxing jurisdictions.
Mr. Giardini is a founding member of the Mid-Atlantic Chapter of the Italy-America Chamber of Commerce where he served as president. He is a frequent speaker with the Healthcare Financial Management Association, Pennsylvania Institute of Certified Public Accountants and Eastern Association of College and University Business Officers on various tax topics.
Mr. Giardini is the Managing Director of WTAS’ Mid-Atlantic Exempt Tax Practice with more than 25 years of client advising …
Jeanne M. Schuster is an executive director at Ernst & Young, LLP, concentrating in tax-exempt organizations. Her experience with tax-exempt organizations includes representation during IRS and state audits, including IRS CEP examinations, mergers and reorganizations of exempt and taxable corporations, applications for exempt status, unrelated business income tax, employment tax, information reporting and sales tax issues. Ms. Schuster received her B.A. degree in accounting from Bentley College, her J.D. degree from the New England School of Law and her LL.M. degree from Boston University School of Law. She also teaches a course in tax-exempt organizations at Suffolk University as part of their adjunct faculty.
Jeanne M. Schuster is an executive director at Ernst & Young, LLP, concentrating in tax-exempt organizations. Her experience with tax-exempt …
Kaye B. Ferriter is a managing director in the tax practice at PricewaterhouseCoopers. She has over 20 years of experience working with tax-exempt organisations. She also serves on the AICPA's Committee on Tax-Exempt Organizations.
She is the co-author of The question of tax exemption, in "Reinventing the university", which was published by John Wiley & Sons, Inc., in 1995 and Taxation, in "College and university business administration" (sixth edition), which was published by the National Association of College and University Business Officers (NACUBO) in 2000. She also co-authored Principal federal tax requirements and Principal federal tax forms filed in "Financial and accounting guide for not-for-profit organizations", which were published in 2002 and 2003 by John Wiley & Sons, Inc and Summary of emerging issues for colleges and universities and summary of emerging issues for nonprofit organizations, which are published annually by PricewaterhouseCoopers.
Kaye B. Ferriter is a managing director in the tax practice at PricewaterhouseCoopers. She has over 20 years of experience …
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