Course Description
Program Description
Keep Your Tax Exempt Clients Compliant and Thriving!
Establishing and operating a tax exempt organization is a complex task that requires advice from knowledgeable professionals. Learn the practical strategies you need to guide a tax exempt client through the life cycle of IRS application and yearly compliance. This two-day course will provide comprehensive information covering Form 1023 filing, state tax exemption applications, handling contributions, and more. Our experienced team of attorneys and accountants will show you how to handle the challenges and opportunities that arise in every tax exempt organization. Gain confidence in your ability to successfully advise tax exempt organizations. Register today!
Find out how to select the best tax exempt organization form for your client.
Get tips for completing Form 1023 and handling IRS review.
Learn methods for securing state tax exemption.
Take proper care of incoming contributions and learn how to properly conduct fundraisers.
Avoid practices that could jeopardize tax exempt status.
Learn how to identify unrelated business income and estimate UBIT.
Walk through the most common challenges when completing Form 990.
Teach your client to recognize and steer clear of directors, officers, or board liability traps.
Who Should Attend
This basic-to-intermediate level course provides solutions to everyday challenges exempt organizations are currently facing. The following professionals will benefit:
Attorneys
CPAs and Accountants
Nonprofit Organization Directors and Officers
Nonprofit Organization Bookkeepers and Controllers
Tax Managers/Enrolled Agents
Certified Financial Planners
Paralegals
Course Content
DAY 1: ESTABLISHING AND FUNDING AN EXEMPT ORGANIZATION
Formation/Incorporation of a Tax Exempt Organization
Form 1023 Walkthrough with Examples
State Tax Exemption Strategies
Advising on Operational Issues
Handling Contributions
Distributing Money for Charitable Purposes
Ethics for Non-Profit Advisers
DAY 2: TAX AND EMPLOYMENT COMPLIANCE
Unrelated Business Income
Form 990 Walkthrough with Examples
Employment Issues
Governing Board, Directors, and Officers
Private Benefit Concerns
Restructuring and Terminating Exempt Organizations: Procedures and Pitfalls
Unique Industry Issues and Current Trends
Continuing Education Credit
Continuing Legal Education – CLE: 12.00 *
Institute of Certified Bankers – ICB: 9.00 *
International Association for Continuing Education Training – IACET: 1.20
National Association of State Boards of Accountancy – CPE for Accountants: 14.00 *
Professional Achievement in Continuing Education – PACE: 14.00 *
* denotes specialty credits
Agenda
DAY 1: ESTABLISHING AND FUNDING AN EXEMPT ORGANIZATION
Formation/Incorporation of a Tax Exempt Organization
9:00 - 10:00, William Chad Roberts
Scope of 501(c)(3) Activities
Other Types of Tax Exempt Organization
Public Charities vs. Private Foundations
IRS Requirements for Articles of Incorporation
Key Bylaw Provisions
Form 1023 Walkthrough with Examples
10:15 - 11:15, William Chad Roberts
Overview of the Application Process
Walkthrough of Form 1023EZ
Preparing the Right Financial Disclosures
Providing Additional Documentation
Obtaining a Group Exemption
Waiting for IRS Ruling
State Tax Exemption Strategies
11:15 - 12:00, Katharine A. Jungkind
Sales and Use Tax Exemption
Property Tax Exemption
Advising on Operational Issues
1:00 - 1:45, Katharine A. Jungkind
Applying Sarbanes-Oxley to Nonprofits
Document Retention
Whistleblower Protection
Non-Mandatory but Valuable Practices Nonprofits Can Adopt
Strategies for Board Policy-Making
Advising Directors on Mission "Drift"
Investment Considerations
Solicitation and Fundraising Activities
Lobbying and Political Campaign Activities
Handling Contributions
1:45 - 2:30, Lawrence M. Magdovitz
Fundraising Regulations
Handling Membership Dues
Planned Giving Arrangements
Disclosure of Contributions
Distributing Money for Charitable Purposes
2:45 - 3:30, Lawrence M. Magdovitz
Dangers of Political Activity and Lobbying
509(a)(3) Supporting Organization
Funding Related Activities
Ethics for Non-Profit Advisers
3:30 - 4:30, A. Neal Graham
Confidentiality vs. Disclosure to the IRS
Self-Dealing Situations
Ethical Considerations in Fundraising
Direct Referrals from the Board
DAY 2: TAX AND EMPLOYMENT COMPLIANCE
Unrelated Business Income
9:00 - 10:00, A. Neal Graham
What Counts as UBI?
Properly Estimating UBIT
Filing Form 990-T and 990-W
Form 990 Walkthrough with Examples
10:15 - 11:15, Katharine A. Jungkind
Governance Body and Conflicts of Interest
Changes to Organizational Documents
Documentation of Actions by the Board
Written Policies
Independent Review of Executive Compensation
Disclosure Requirements
Balance Sheet
Using Form 990 to the Organization's Advantage
Employment Issues
11:15 - 11:45, Katharine A. Jungkind
Obtaining an Employer Identification Number
Classification of Employees
Employment Tax Withholdings
Governing Board, Directors, and Officers
12:45 - 1:45, A. Neal Graham
Potential Liability Concerns
Understanding Fiduciary Duties and Indemnification
Compensation Packages
Transferring Leadership
Private Benefit Concerns
1:45 - 2:45, A. Neal Graham
Private Benefit vs. Inurement
Excess Benefit Transactions
Who is a Disqualified Person?
Intermediate Sanctions
Restructuring and Terminating Exempt Organizations: Procedures and Pitfalls
3:00 - 4:00, Katharine A. Jungkind
Structuring Alliances and Networks
Merging or Consolidating with Another Tax-Exempt Organization
Dissolving a Tax-Exempt Organization: Steps, Forms and Filings Required
Distribution or Transfer of Assets
Insolvency Strategies
Unique Industry Issues and Current Trends
4:00 - 4:30, A. Neal Graham and Katharine A. Jungkind
Affordable Care Act Requirements
Increased Scrutiny of Religious Organizations
Challenges for Social Enterprises and Crowd-Funding
Lessons from Tax Court Rulings