This CPE course focuses on the tax compliance fundamentals for charitable organizations and gives insight into issues of the various types of other tax-exempt organizations in the NFP sector, such as business leagues, associations and fraternal organizations, among others. Topics covered include applying for exemption, eligibility to receive tax-deductible contributions, the public support test for public charities, and an overview of activities that may jeopardize an NFP’s tax-exempt status.
▪ Recall what it means to have tax-exempt status.
▪ Differentiate between and recognize the basic compliance requirements of various types of tax-exempt organizations, including charitable organizations.
▪ Identify the IRS filing requirements for exempt organizations.
▪ Recall the activities that a tax-exempt organization should limit to protect its tax-exempt status.
▪ Identify the criteria for qualifying as a 501(c)(3) charitable organization and those organizations that may qualify as publicly supported.
▪ Recall how to perform the public support test calculation.
▪ The meaning of tax-exempt status
▪ Exempt organizations in the NFP sector
▪ 501 (c)(3) charitable organizations
▪ Public charities
▪ Public support test requirement
▪ Private foundations
▪ Other tax-exempt entities
▪ Eligibility to receive tax-deductible contributions
▪ Life cycle of an exempt organization
▪ Applying for exemption
▪ Required filings
▪ Ongoing compliance requirements
CPAs, financial professionals and NFP board members who need an overview of tax-exempt status and basic compliance issues facing not-for-profits.