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Home >
Taxation > Not-For-Profit Organizations: Tax Considerations |
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Prerequisite
None
Knowledge Level
Basic
Copyright
2007
Publication Date
August, 2007
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| Introduction |
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Organization |
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Learning Objectives |
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Author Bios |
| Title: |
Not-for-Profit Organizations: Tax Considerations |
| Prerequisite: |
None |
| Advance Preparation: |
None |
| Knowledge: |
Basic |
| Subject Matter Area: |
Taxation |
| Date of Publication: |
August 2007 |
| Copyright © |
2007 by Bisk Education, Inc. All rights reserved. |
| Recommended CPE Credits: |
12 QAS/Registry (50-minute hour) |
| Expiration Date: |
One year from date of receipt to complete program and submit quizzer to obtain credit |
| Passing Grade for Quizzer: |
70 percent or higher |
This comprehensive program is designed to provide an overview and basic understanding of the rules and classifications governing tax-exempt organizations. This program provides valuable guidance both to the practitioner who may wish to incorporate tax-exempt organizations into her/his practice, and to the practitioner who already faces tax-exempt client issues that relate to for-profit or individual clients, such as estate planning.
This program is divided into eight (8) chapters and an appendix.
Chapter 1 discusses the basic legal organization of entities that may be exempt from federal income tax, the affiliation of different legal entities may relate to tax-exempt status, and the basic relationships and distinctions between federal tax-exempt status and state and local tax-exempt status.
Chapter 2 focuses on the organizational and operational requirements for recognition of federal tax-exempt status, the private foundation and non-private classifications of IRC §501(c)(3) organizations, and the required procedures for application and recognition of tax-exempt status.
Chapter 3 concentrates on private foundations, which are tax-exempt charitable enterprises, exempt from federal income tax under IRC §§501(a) and 501(c)(3), subject to substantial restrictions and regulation that are the basis for the importance of the private/non-private classifications.
Chapter 4 presents the definitions and special regulation with respect to donor advised funds and supporting organizations enacted in the 2006 Pension Protection Act.
Chapter 5 concerns issues in relation to the operation by the not-for-profit organization of other businesses or activities primarily to raise money, leading to unrelated business income, which can become subject to tax even if the other activities of the organization remain exempt.
Chapter 6 looks at the basic definitions of political and lobbying activity as well as the restrictions on such activities by tax-exempt organizations.
Chapter 7 examines certain compliance rules with respect to obtaining, soliciting and documenting charitable contributions, including key requirements that are imposed directly upon the charitable organization itself.
Chapter 8 introduces IRS Forms 1023, 990, 990-PF, and 990-T and demonstrates how the forms provide a useful format to review a few of the basic tax principles and how the tax rules are translated into a reporting format.
The Appendix contains essential tax forms discussed within the text. These forms are a useful reference when examining the course material.
Upon successful completion of this program, the user should:
- Understand the basic legal organization of entities that may be exempt from federal income tax and how the affiliation of different legal entities may relate to tax-exempt status
- Understand the basic relationships and distinctions between federal tax-exempt status and state and local tax-exempt status
- Understand the organizational and operational requirements for federal tax-exempt status
- Understand how state laws, ethics and best practices relate to tax-exempt status
- Be able to deal with inurement and related concepts
- Understand the private foundation and non-private classifications of IRC §501(c)(3) organizations
- Understand the required procedures for application and recognition of tax-exempt status
- Understand the basic regulation and restrictions imposed upon private foundations, including the strict rules against self-dealing
- Understand the definitions and special regulation with respect to donor advised funds and supporting organizations, and be able to compare and contrast the regulation of donor advised funds and supporting organizations to private foundations
- Understand the concept of exempt purpose income versus unrelated business income, the exemptions from taxability of unrelated income and investment income, and the tax consequences of the exploitation of tax-exempt status
- Understand the basic definitions of political and lobbying activity and the restrictions and taxation of such activities by tax-exempt organizations
- Understand the rules applicable to fund-raising activities by charitable organizations and the basic effects of certain fund-raising issues on donors
- Achieve basic familiarity with IRS exempt organization forms, understand how basic principles of tax-exempt organization law are reflected and reported on the tax forms, and note the self-reporting requirements concerning taxable, problem or prohibited transactions
Michael Shea, JD, received his Bachelor of Arts degree from the University of Iowa in 1968. Mr. Shea attended Oxford University as a Rhodes Scholar and received a B.Litt. degree in 1973. Mr. Shea received his Juris Doctorate degree from the University of Iowa College of Law in 1974 where he was a Member of the Law Review and Order of the Coif.
Mr. Shea practiced with the Honolulu office of Cades Schutte Fleming Wright from 1974 to 1983, and with the Honolulu office of Goodsill Anderson Quinn & Stifel from 1983 to 1996. Mr. Shea has been with the Denver office of Rothgerber Johnson & Lyons LLP since 1996.
Mr. Shea has taught numerous tax courses, including as an Adjunct Professor with the Graduate Tax Program of the Denver University College of Law (tax exempt organizations), as an Adjunct Professor of Law at the William S. Richardson School of Law at the University of Hawaii (corporate taxation), and as tax seminar faculty with the Hawaii Tax Institute, the Hawaii Society of CPAs, the Colorado Society of CPAs, and the Hawaii Institute of Continuing Legal Education. Mr. Shea also served as Chairman of the Tax Committee of the Chamber of Commerce of Hawaii, and as a member of the Board of Directors of the Chamber and of the Tax Foundation of Hawaii.
Mr. Shea is a member of the Hawaii State Bar Association, where he is a past Chairman of the Tax Section, the American Bar Association, the Colorado Bar Association, the Denver Bar Association, the American Health Lawyers Association and the National Bond Lawyers Association. Mr. Shea is admitted to practice before the Colorado Supreme Court, Hawaii Supreme Court, United States Tax Court, United States District Courts for the District of Hawaii and the District of Colorado, the United States Court of Appeals for the Ninth Circuit, and the United States Supreme Court.
Mr. Shea is listed in Best Lawyers in America and Super Lawyers in Colorado. (Author/Speaker)
Lynn Barczuk, CPA, is the tax manager for JDS Professional Group in Denver, Colorado. She has over ten years of tax experience and has been with JDS Professional Group since 1996. JDS provides auditing, tax and consulting services to more than two-hundred not-for-profit organizations as well as serving as consultants to CPA's, attorneys and other professionals regarding tax-exempt organization accounting and tax matters.
Ms. Barczuk's experience includes serving many types of clientele including public, private and community foundations, political action committees, trade groups, membership associations, cooperative associations, taxable membership organizations, partnerships, and joint ventures. Ms. Barczuk is the firm's lead technical professional regarding exempt organization tax compliance and provides consulting to exempt organizations, trusts and donor organizations regarding organizational issues, contribution compliance issues, planned giving structures and compliance, for-profit subsidiary/joint venture structures, IRS compliance and abatement issues and other complex exempt organization tax structures and related issues.
Ms. Barczuk graduated Magna Cum Laude from the University of Colorado earning a Bachelor of Arts degree in Economics. She received her Masters in Taxation from the University of Denver. Ms. Barczuk is a Certified Public Accountant licensed in Colorado. Ms. Barczuk is a member of the American Institute of Certified Public Accountants and the Colorado Society of Certified Public Accountants. (Speaker)
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Tampa, FL 33619 • 800-404-7438
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registered with the National Association of State Boards of Accountancy as a
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Participating state boards of accountancy have final authority on the
acceptance of individual courses for CPE credit. Complaints regarding
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