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Product ID: 405841EAU
 
Credit & Course Provided by:

Advising 501(c)(3) Tax Exempt Public Charities on Staying In Compliance

OnDemand Webinar (90 minutes)

Walk through essential compliance regulations and identify pitfalls that can jeopardize an organization's tax-exempt status.Many organizations lack a clear understanding of the rules and responsibilities associated with acquiring, maintaining and terminating tax-exempt status. Every year, hundreds of nonprofit organizations face swift penalties and possible revocation because of lack of knowledge concerning compliance issues. This topic will help practitioners provide practical guidance to their clients regarding rules and responsibilities governing tax-exempt organizations.

Authors

Debra L. Scott, The Scott Practice, LLC

Agenda

Applying for Tax-Exempt Status

• Governing Entity Documents and Amendments

• State Level Nonprofit Classification (No Tax Exemption)

• Exempt Purpose and Dissolution Clause

• Applying for EIN (Employer Identification Number)

• Public Charity vs. Private Foundation

Compliance Before Exemption Is Recognized

• Filing Returns - Form 990, Form 990-EZ and Form 990-N

• Receiving Contributions

• State Solicitation Statutes

Maintaining Tax-Exempt Status After Exemption Is Recognized

• Mandatory Annual Returns (Penalties and Revocation)

• Unrelated Business Income

• Activities That Jeopardize Tax-Exempt Status

• Record Keeping and Required Public Disclosures

• Employee Related Issues (Withholding Requirements, FICA vs. FUTA)

Terminating a Tax-Exempt Organization

• Winding Down

• Notice Requirements

• Distribution of Assets