Posted on October 01, 2009:
For Immediate Release
Contact: Judy Murphy
LOCAL NOT-FOR-PROFIT ORGANIZATIONS GAIN KNOWLEDGE
AT SEMINARS ON TAX RETURN REFORM
Askey, Askey & Associates, CPA, LLC provides valuable education on the significant changes to the Form 990 and required schedules to our local Not-For-Profit Organizations. In two recent seminars located in Leonardtown and La Plata, the Askey team detailed what’s new and when it takes affect. The two hour seminar helped the attending Organizations discover the many changes on the 990 and required schedules. The new information disclosures have moved from complex to convoluted, adding pages to Form 990 and an alphabet soup of new required 990 schedules.
Tara Ghrist, Tax Specialist, kicked things off by reviewing how and why the form got revised; the enhanced transparency of the new form; and introducing who might be affected and when.
Christa Mudd, Audit Supervisor, detailed how the form went from nine pages in 2007 to eleven pages in 2008. She clearly explained to the group how the core 990, representing eleven parts will need to be completed by every Organization.
Janice Rohme, Tax Manager, presented how the new 990 schedules have changed, explained that where there were two possible schedules in 2007, now there are 16 possible schedules in 2008. She explained how the Organization’s responses to questions in the Core Form determined which additional schedules were required.
Glenn Frank, III, Tax Manager, identified key action items that each Organization must face. From the increased time demands on the employees and volunteers of each Organization to the budgetary issue faced with the additional costs to comply with the additional information disclosures.
“We always enjoy the opportunity to lead discussions for Not-For-Profit entities to inform them of the new tax law changes” said Glenn Frank, III, CPA. “The questions and comments from the participants really make the experience enjoyable.”
Keep an eye out for Askey, Askey & Associates, CPA, LLC! Their team members are accomplished speakers on a variety of tax, accounting and financial matters and will gladly speak for your Organization.