Did your nonprofit organization lose its tax-exempt status? Are you considering reinstating the exemption for federal income tax purposes? What issues should you be thinking about? The webinar below addresses the following topics: ● How loss of exemption occurs ● How to reinstate exemption ● Federal Reinstatement: critical dates ● 4 possible routes to reinstate […]
Entries Tagged as 'Federal Income Taxes'
How to Rescue a Troubled Nonprofit – Federal Income Tax Considerations
February 8th, 2017 · Comments Off on How to Rescue a Troubled Nonprofit – Federal Income Tax Considerations · Federal Income Taxes, Form 1023, Form 1023-EZ, Loss of Tax-Exempt Staus, Rev. Proc. 2014-11
Extended Due Date for Notification by Social Welfare Organizations of Intent to Operate
January 20th, 2016 · Comments Off on Extended Due Date for Notification by Social Welfare Organizations of Intent to Operate · Federal Income Taxes, Uncategorized
Social welfare organization must provide a notification to the IRS of their intent to operate. This notification requirement is found in new Section 506, which was added to Internal Revenue Code by the Protecting Americans from Tax Hikes Act of 2015 (the “PATH Act”) which was enacted on December 18, 2015. Under the PATH Act: […]
Tags:Exempt organizations·Notification Requirement·Section 506·tax-exempt status
Credit for New UCLA Extension Class: Nonprofit Organizations: Compliance and Governance
September 22nd, 2015 · Comments Off on Credit for New UCLA Extension Class: Nonprofit Organizations: Compliance and Governance · California Exempt Status, Federal Income Taxes, Form 990, Governance, Loss of Tax-Exempt Staus, nonprofit checklist, policies and procedures, state compliance, tax exemption
UCLA Extension can offer students of this class with credit as follows: ● CPAs will receive attendees36 hours of CPE credit ● Attorneys will receive 34 hours of MCLE credit, including 1 hour of Ethics ● Class credit towards a UCLA Extension certificate in accounting ● Class credit towards a UCLA Extension certificate in tax. […]
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New UCLA Extension Class: Tax Reporting and Governance for Nonprofit Organizations
March 2nd, 2015 · Comments Off on New UCLA Extension Class: Tax Reporting and Governance for Nonprofit Organizations · California Exempt Status, California nonprofit law, Federal Income Taxes, Governance, intermediate sanctions, Loss of Tax-Exempt Staus, policies and procedures, Private foundations, tax exemption, tax returns
Designed for CPAs, Enrolled Agents, tax managers, controllers, trustees, financial planners, and executive directors, this 12 meetings course presents tax-related guidelines and key issues for nonprofit organizations. Topics covered include a step-by-step process for corporate formation and application for recognition of tax-exempt status, unrelated business income, taxation of commercial activities conducted through joint ventures and […]
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Small Nonprofit Consultation Checklist
March 10th, 2014 · Comments Off on Small Nonprofit Consultation Checklist · Federal Income Taxes, Governance, Loss of Tax-Exempt Staus, nonprofit checklist, policies and procedures, state compliance, tax exemption, tax returns
At the Tax Section Exempt Organizations Committee Meeting of the American Bar Association, held on January 24, 2014, a Small Nonprofit Consultation Checklist was presented. Note: This checklist is designed for small public charities organized as nonprofit corporations. Charitable trusts, private foundations and supporting organizations should not rely on this checklist. Governing Documents Articles of […]
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Automatic Revocation of Exemption: In Error?
July 29th, 2012 · Comments Off on Automatic Revocation of Exemption: In Error? · Federal Income Taxes, Loss of Tax-Exempt Staus
Background: The Pension Protection Act of 2006 made two important changes affecting tax-exempt organizations, effective the beginning of 2007. First, it requires all tax-exempt organizations, other than churches and church-related organizations, must file an annual return with the IRS. That includes small tax exempt organizations with gross receipts of $25,000 or less and had not […]
Tags:automatic revocation·Exempt organizations·tax-exempt status
Congressional Committee Hearing on Tax-Exempt Organizations
May 11th, 2012 · Comments Off on Congressional Committee Hearing on Tax-Exempt Organizations · Charity, Federal Income Taxes, Governance
Congressman Charles W. Boustany Jr., MD (R-LA), Chairman of the Subcommittee on Oversight of the Committee on Ways and Means, announced on Wednesday, May 16th that the Subcommittee will hold a hearing examining operations and oversight of tax-exempt organizations. This will be the first in a series of hearings by the Subcommittee on the tax-exempt […]
Tags:Congressional Committee Hearing·Exempt organizations·Governance
Reporting Changes to the IRS
April 21st, 2012 · Comments Off on Reporting Changes to the IRS · Federal Income Taxes, Form 990
When must a tax-exempt organization report changes to the IRS. The events that trigger a reporting requirement to the IRS are changes in an organization’s name or address and structural and operational changes. If an organization files an annual return, it must report the changes on its return. If it is not required to file […]
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Revised Publication 577, Tax-Exempt Status for Your Organization
December 19th, 2011 · Comments Off on Revised Publication 577, Tax-Exempt Status for Your Organization · Federal Income Taxes, Loss of Tax-Exempt Staus, Publication 577
The IRS published a revised Publication 577, Tax-Exempt Status for Your Organization. The “What’s New” section contains the following items: -Automatic revocation for not filing annual return or notice -Redesigned Form 990 and Instructions -Elimination of the advance public charity status -Report significant new or changed program services or changes to organizational documents -Publication 78 […]
Tags:charitable organizations·Exempt organizations·tax-exempt status
Donations of Non-Publicly Traded Securities: Private Foundations versus Public Charities
December 9th, 2011 · Comments Off on Donations of Non-Publicly Traded Securities: Private Foundations versus Public Charities · charitable contributions, Federal Income Taxes, Private foundations
Donors face a very basic tax question when donating non-publicly traded securities to charity. Which recipient generates a “better” tax deduction: a private nonoperating charitable foundation or a public charity? A public charity would include, for example a church or synagogue. Assume that the security is not held as inventory in the hands […]
Tags:charitable contributions·non-publicly traded securities·Private foundations