CAN Confernece Session Update

For those of you who attended CAN's 17th Annual Conference and my session on Accounting for Non-Accountants, thanks for coming! Here are some additional resources and links:

• The IRS Guide to Good Governance can be found here, sorry I forgot to add it to the handouts.
• Those of you interested in sample Auditor's reports please click here.
• The details on California's Nonprofit Integrity Act as it relates to Commercial Fundraisers (opens a PDF).
• Has the 990 PF Changed? Not yet.
• For those interested in the potential shift from GAAP to IFRS click here.
  
• When do we file the new 990? Read below or click here for a PDF of a general overview of the instructions.
  

  Calendar year - Use the 2008 Form 990 to report on the 2008 calendar year accounting period. A calendar year accounting period begins on January 1 and ends on December 31.
  
  Fiscal year - If the organization has established a fiscal year accounting period, use the 2008 Form 990 to report on the organization’s fiscal year that began in 2008 and ended 12 months later. A fiscal year accounting period should normally coincide with the natural operating cycle of the organization. Be certain to indicate in the heading of Form 990 the date the organization’s fiscal year began in 2008 and the date the fiscal year ended in 2009.

Let me know if you have any other questions.

More 990 Resources

The last post listed an IRS webinar for the new 990 and I put up a to-do list a while back. You think I would be done touting new 990 resources but you would be wrong! In the spirit of making sure there are enough resources noted out there to satisfy as many people as possible I give you one more. A big hat tip to Nancy at Non-profit accounting help for pointing out this resource from avenue2possibilities. It includes samples of many of the policies the new form 990 will be asking about and a workbook and checklist to go through to help make sure you are ready. So now all you have to do is put the policies in place!

And if they ever create a New 990 Comic Book you will hear about it here first thing, promise.

IRS's Tax Talk Focuses on the New 990

Another presentation on the new 990 but from the horses mouth this time:

The Internal Revenue Service’s next Tax Talk Today Web cast on Tuesday, Nov. 4, at 2 p.m. focuses on “Preparing for the New Form 990.”

The IRS has redesigned Form 990 to reflect significant changes that have taken place in the tax law and the tax-exempt sector. Organizations and their preparers will want to tune in to learn about the new form and instructions so that they fully understand how the changes affect the filing process.

The new form will be filed in 2009 for the 2008 tax year. Organizations may also want to reassess if their internal systems need to be updated to reflect the new reporting requirements. The IRS has a special Web page on the Form 990 redesign and background documents .

Moderated by Les Witmer, panelists for November’s program are: Eve Rose Borenstein, Exempt Organizations Tax Attorney, Borenstein and McVeigh Law Offices (BAM!); Stephen Clarke, Tax Law Specialist, Rulings and Agreements, Exempt Organizations, Internal Revenue Service; Julie L. Floch, CPA, Eisner Director of Not-For-Profit Services; and Ronald J. Schultz, Senior Technical Advisor to the Commissioner, Tax Exempt and Government Entities Division, Internal Revenue Service.

Tax Talk Today is a Web cast aimed at educating tax and payroll professionals on the most current and complex tax issues. Tax professionals are encouraged to watch and submit questions. To access the Web cast at no charge, viewers can register online .

Tax professionals in need of continuing education credits are eligible to receive one CPE credit by viewing the Nov. 4 Web cast and purchasing the CE credit. Archived shows are available on the site also at www.taxtalktoday.com.

Looks to be a good presentation.

Retirement Account Changes

Does your nonprofit have a 403(b) retirement plan for its employees? If it does have you heard about all the changes taking effect for 403(b) plans? Do you know what you need to do to get ready for them?

As if getting ready for a new form 990 wasn't enough we also have to make sure our 403(b) plans are in order. The National Council of Nonprofit Associations is holding two webinars about the changes that will be presented by Bob Architect, Senior Tax Law Specialist at the IRS.

The first, a general presentation regarding the changes and how they will affect your organization, is Tuesday, October 28 at 3:00 - 4:15 pm Eastern. The second one, a comprehensive presentation regarding the changes for individuals who handle employee benefits, is Wednesday, November 12 at 3:30 - 4:45 pm Eastern. CAN Members get $10.00 off the $35.00 registration fee.

IRS Update

From the IRS comes this announcement:

IRS Sends Compliance Questionnaires to 400 Colleges and Universities
Approximately four hundred U.S. colleges and universities will begin receiving compliance questionnaires from the Internal Revenue Service in the next few days as part of the agency’s focused effort to study key areas in the tax-exempt community. The college and university questionnaire will focus on unrelated business income, endowments and executive compensation practices. The questionnaires are being sent to a cross-section of small, mid-sized and large private and public four-year colleges and institutions.

Private nonprofit universities are generally exempt from tax under Internal Revenue Code section 501(c)(3) and like state universities are to unrelated business income tax.

Click here to read the rest.

This is part of a new compliance project for colleges and universities by the IRS. Will this effort by the IRS broaden out to other 501(c)3 organizations? Probably. I think they are looking at the biggest fish first but I'll bet it is just a matter of time until more of these types of letters will be sent.
Are there any lessons to be learned here? I think two at least:

• I'd say make sure that if you are doing any activities that might generate unrelated business income you should learn the rules (link opens a PDF) that apply.
• Make sure your salaries are justified.

Probably making sure your ready in general for the new 990 reporting will help as well.