Tax-Exempt Status: Not-for-Profit Tax Compliance

Description

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.

Learning Objectives
  1. When you complete this course, you will be able to:
  2. Recall what it means to have tax-exempt status
  3. Differentiate between and recognize the basic compliance requirements of various types of tax-exempt organizations, including charitable organizations
  4. Identify the IRS filing requirements for exempt organizations
  5. Recall the activities that a tax-exempt organization should limit to protect its tax-exempt status.
  6. Identify the criteria for qualifying as a 501(c)(3) charitable organization and those organizations that may qualify as publicly supported
  7. Recall how to perform the public support test calculation
Major Topics
  1. The meaning of tax-exempt status
  2. Exempt organizations in the NFP sector
  3. 501 (c)(3) charitable organizations
  4. Public charities
  5. Public support test requirement
  6. Private foundations
  7. Other tax-exempt entities
  8. Eligibility to receive tax-deductible contributions
  9. Life cycle of an exempt organization
  10. Applying for exemption
  11. Required filings
  12. Ongoing compliance requirements
Provider
AICPA
Course Level
Basic
Professional Area of Focus
Tax
CPE Field of Study
Taxes
2.0
Who Should Attend
CPAs, financial professionals and NFP board members who need an overview of tax-exempt status and basic compliance issues facing not-for-profits.
Prerequisites
None
Register Now
When
Available 24/7
Location
Online
Total CPE Credits
2.0
Format
On-Demand

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Tax-Exempt Status: Not-for-Profit Tax Compliance


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