Tax-Exempt Status: Not-for-Profit Tax Compliance
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.
- When you complete this course, you will be able to:
- 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