Tax-Exempt Status: Not-for-Profit Tax Compliance
This CPE course focuses on the tax compliance fundamentals for charitable organizations and gives insight into issues of various types of other exempt organizations in the NFP sector.
NASBA Field of Study
MTAX and William E. Turco, McGladrey LLP
Because not-for-profits (NFPs) exist to fulfill a public need, they must comply with federal laws to obtain and maintain tax-exempt status. 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.
- 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
- 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.
Group ordering for your team
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