The New IRS Form 990: What Does It Mean For Your ... - Venable LLP

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Thora A. Johnson Partner 410.244.7747 tajohnson@venable.com Practice Focus Clients Activities Thora Johnson focuses on tax-exempt organizations, employee benefits and executive compensation matters. She advises clients on the establishment and operation of taxexempt organizations, including private foundations, public charities, trade associations, and title holding companies. She also counsels clients on the establishment and operation of qualified and non-qualified deferred compensation plans and health and welfare benefit plans. Ms. Johnson represents, among others, Allegis Group, Bank of America Corporation, General Dynamics Corporation, and Greater Baltimore Medical Center. Ms. Johnson is a member of the Maryland State Bar Association and its Study Group for Employee Benefits, as well as the Tax Section of the District of Columbia Bar, and the Tax Section of the American Bar Association. She also regularly assists in pro bono matters involving charitable organizations, tax compliance, and employee benefits. Distinctions J.D., University of Maryland School of Law, 1996 with honors Notes & Comments Editor, Maryland Journal of International Law and Trade M.A., Middlebury College, 1993 B.A., Brown University, 1992 magna cum laude Phi Beta Kappa Bar Admissions: District of Columbia Maryland Ms. Johnson is competent in the Russian language. WWW.VENABLE.COM
Patricia M. McDermott Partner 202.344.8061 pmcdermott@venable.com Practice Focus Recent Significant Matters Activities Articles/ Speeches Patricia McDermott's practice focuses on a wide variety of employee benefits issues such as retirement plans, executive compensation, fringe benefits and payroll taxes. She also provides strategic advice to clients on issues requiring representation before the U.S. Congress, the Treasury Department, or the Internal Revenue Service. In her prior position as legislation counsel at the Joint Committee on Taxation, she worked closely with the House Ways and Means and Education and the Workforce Committees, the Senate Finance and Health, Education, Labor and Pensions Committees, and the Department of Treasury. She also previously worked at the IRS Chief Counsel’s office, developing regulatory guidance and providing advice to other IRS offices. Ms. McDermott was closely involved in the development and drafting of most of the Code and ERISA pension provisions of the Pension Protection Act of 2006. Other legislative work at the Joint Committee included provisions of the Tax Increase Prevention and Reconciliation Act of 2005, the American Jobs Creation of 2004, the Pension Equity Act of 2004, the Victims of Terrorism Tax Relief Act of 2001, and the Economic Growth and Tax Relief Reconciliation Act of 2001. She also worked on Joint Committee staff reports on options to improve tax compliance and reform tax expenditures, the investigation of the Enron Corporation, and simplification of the tax system. Ms. McDermott has been a member of the Federal Bar Association Section of Taxation steering committee since 2004. She was a board member of the Tax Coalition during 2003-2006 and its public-sector co-chair in 2005. Ms. McDermott has been a member of the Philadelphia Bar Association since 1983. Ms. McDermott frequently speaks on topics such as recent and pending legislation and administrative guidance, tax-favored retirement plans, employment taxes, employee leasing, executive compensation, and fringe benefits. WWW.VENABLE.COM
Page 1 and 2: VALUE ADDED, VALUES DRIVEN ® . The
Page 3 and 4: Articles The 2008 Form 990: Putting
Page 5 and 6: earned and the year paid — has be
Page 7 and 8: Articles Association Trends Telling
Page 9 and 10: OLD AND NEW IRS FORM 990 - COMPARIS
Page 11 and 12: "OLD" FORM 990 "NEW" FORM 990 Whose
Page 13 and 14: Employee Benefits and Executive Com
Page 15 and 16: Employee Benefits Alert AUGUST 14,
Page 17 and 18: Employee Benefits Alert JULY 24, 20
Page 19 and 20: experience brings broad perspective
Page 21: Foundation Board of Trustees, the G
Page 25 and 26: George E. Constantine Partner 202.3
Page 27 and 28: ASSOCIATION & NONPROFIT PRACTICE GR
Page 29 and 30: OUR EXPERIENCE Venable brings to ea
Page 31 and 32: Below are highlights of some of the
Page 33 and 34: development of a new professional c
Page 35 and 36: egulatory practice is filled with s
Page 37 and 38: CONCLUSION Widely regarded as havin
Page 39 and 40: modifying them to conform to change
Page 41 and 42: that our clients achieve their busi
Page 43 and 44: efficient and practical manner. Our
Page 45 and 46: 1 The New IRS Form 990: What Does I
Page 47 and 48: 3 THE CORE FORM 990 Thora Johnson V
Page 49 and 50: 5 THE SUMMARY ‣ New to the Form 9
Page 51 and 52: 7 SNAPSHOT OF REVENUE ‣ Total con
Page 53 and 54: 9 WHAT’S NOT THERE (AND WAS IN TH
Page 55 and 56: 11 STATEMENT OF PROGRAM SERVICES
Page 57 and 58: 13 OTHER IRS FILINGS AND TAX COMPLI
Page 59 and 60: 15 QUESTIONS REGARDING BOARD AND MA
Page 61 and 62: 17 AND MORE QUESTIONS REGARDING BOA
Page 63 and 64: 19 MORE QUESTIONS REGARDING POLICIE
Page 65 and 66: 21 DISCLOSURE ‣ Make its Form 102
Page 67 and 68: 23 REMAINING SECTIONS OF CORE FORM
Page 69 and 70: 25 FORM 990 REPORTING: EXECUTIVE CO
Page 71 and 72: 27 EXECUTIVE COMPENSATION - FORM 99
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29 COMPENSATION REPORTING - PURPOSE
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31 2008 FORM - GENERAL STRUCTURE FO
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33 CHANGES MADE BY DISCUSSION DRAFT
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35 THRESHOLDS FOR SCHEDULE J REPORT
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37 ADDITIONAL SCHEDULE J QUESTIONS
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39 PREPARING FOR IMPLEMENTATION ‣
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41 OVERVIEW OF THE SCHEDULES ‣ 16
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43 SCHEDULE A ‣ Change now allows
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45 SCHEDULE B ‣ No changes - requ
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47 Schedule D ‣ Supplemental Fina
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49 Schedule F ‣ Activities outsid
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51 Schedule F ‣ Requires grantmak
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53 Schedule G ‣ Describe relation
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55 Schedule I ‣ Grants and Other
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57 Schedule K ‣ Supplemental Info
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59 Schedule M ‣ Non-Cash Contribu
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61 Schedule N ‣ Liquidation, Term
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63 Schedule R ‣ Related Organizat
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65 Summary ‣ Significant new info
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Form 990 (2008) Part III Statement
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Form 990 (2008) Part IV 28 a 32 33
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Form 990 (2008) Part VI Governance,
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Form 990 (2008) Part VII Continued
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Form 990 (2008) Page 10 Part IX Sta
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SCHEDULE A (Form 990 or 990-EZ) Dep
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Schedule A (Form 990 or 990-EZ) 200
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Schedule B (Form 990, 990-EZ, or 99
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SCHEDULE C (Form 990 or 990-EZ) Dep
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Schedule C (Form 990 or 990-EZ) 200
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SCHEDULE D (Form 990) Department of
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Schedule D (Form 990) 2008 Part VII
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Schedule D (Form 990) 2008 Part XIV
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Schedule F (Form 990) Department of
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Schedule F (Form 990) 2008 Page 3 P
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SCHEDULE F-1 (Form 990) Department
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Schedule F-1 (Form 990) 2008 Page 3
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Schedule G (Form 990 or 990-EZ) 200
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SCHEDULE H (Form 990) Department of
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Schedule H (Form 990) 2008 Part VIV
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SCHEDULE I (Form 990) Department of
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SCHEDULE I-1 (Form 990) Department
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SCHEDULE J (Form 990) Department of
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Schedule J (Form 990) 2008 Page 3 P
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SCHEDULE J-2 (Form 990) Department
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Schedule K (Form 990) 2008 Page 2 P
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SCHEDULE M (Form 990) Department of
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SCHEDULE N (Form 990) Department of
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Schedule N (Form 990) 2008 Part III
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Schedule N-1 (Form 990) 2008 Part I
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Schedule O (Form 990) 2008 Name of
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Schedule R (Form 990) 2008 Page 2 P
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Schedule R (Form 990) 2008 Page 4 P
Page 185 and 186:
Schedule R-1 (Form 990) 2008 Page 2
Page 187 and 188:
Schedule R-1 (Form 990) 2008 Part I
Page 189:
Schedule R-1 (Form 990) 2008 Part V
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