990 Reporting Issues

Posted on Wednesday, July 06, 2011

Although the revised Form 990 has been out for three years now, there appears to still be some confusion on completing the form properly. The July 2011 issue of The Tax Adviser addresses eight common reporting issues that occur in completing the redesigned Form 990.

1. Identifying the president as both an officer and a key employee

2. Reporting only salaries as compensation expense

3. Improperly reporting compensation reported in a prior Form 990

4. Failing to include the annual actuarial increase of defined benefit plans

5. Reporting only unrestricted income

6. Reporting support payments to a related organization as “other expense”

7. Misidentifying the proper interested person

8. Showing details of related transactions with a 501(c)(3) parent organization

Posted by: Carrie Minnich, CPA

Posted in Mission Minded Nonprofits

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