Exemption from federal income taxes is one of the privileges enjoyed by the vast majority of not-for-profits (NFPs). For charitable organizations, tax-exempt status also provides eligibility to receive tax-deductible contributions from donors. Failure to comply with federal laws and IRS reporting requirements can result in significant penalties and excise taxes at best, and loss of tax-exempt status at worst.
In this CPE course, you will learn about the organizational and operational requirements to establish and maintain tax exemption. Through real world examples, you will understand the more important areas where tax-exemption can be threatened. Also discussed are activities and transactions that NFPs should limit or avoid to protect their tax-exempt status.