Challenges of New Form 990 for Nonprofits
The world of nonprofits was recently shaken again when the IRS made the most substantial revision to Form 990, the core income tax return of exempt organizations, in 30 years. The new form substantially alters prior practice in the areas of governance and compensation, complicating the advice given by attorneys to non-profit organizations. This program will provide a real-world guide to the new governance questions, compensation issues, disclosures and donation issues. The program will also cover areas of regulator concern for examination purposes and best practices to avoid penalties.
- Overview of changes made in new Form 990 for nonprofits
- Responding to governance and management questions
- Executive compensation issues
- Disclosure requirements
- Donation issues
- Areas of regulatory focus and best practices to avoid penalties
Speaker:
Michele A. W. McKinnon is a partner in the Richmond, Virginia office of McGuireWoods, LLP, where she is considered one of the region’s leading authorities on tax-exempt organizations and charitable giving. She has more than 20 years experience representing public charities, major colleges and universities, supporting organizations, large private foundations, and charitable trusts. She is a Fellow in the American College of Trust and Estate Counsel and currently serves as its Virginia State Chair. She is also a member of the Fiduciary Income Tax Committee of the ABA Tax Section and the former chair of the Trusts and Estates Section of the Virginia State Bar. Ms. McKinnon received her B.A. from the University of Virginia, her J.D., magna cum laude, from the University of Richmond School of Law, and her L.L.M. in taxation from the College of William & Mary Marshall-Wythe School of Law.
