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.
DAY 1: ESTABLISHING AND FUNDING AN EXEMPT ORGANIZATION
- Formation/Incorporation of a Tax Exempt Organization
9:00-9:50, Raymond W. Prather
- 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
9:50-10:40, Raymond W. Prather
- 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
10:55-11:45, Glenn Reed
- Sales and Use Tax Exemption
- Property Tax Exemption
- Operational Issues
12:45-1:35, Glenn Reed
- Required Disclosures
- Reporting and Reimbursing Expenses
- Accounting Practices
- State and Federal Tax Deductions
- Handling Contributions
1:35-2:25, Jason J. Kohout
- Fundraising Regulations
- Handling Membership Dues
- Planned Giving Arrangements
- Disclosure of Contributions
- Distributing Money for Charitable Purposes
2:40-3:30, Jason J. Kohout
- Dangers of Political Activity and Lobbying
- 509(a)(3) Supporting Organization
- Funding Related Activities
- Ethics for Non-Profit Advisers
3:30-4:30, Michelle Huhnke
- 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
- What Counts as UBI?
- Properly Estimating UBIT
- Filing Form 990-T and 990-W
- Form 990 Walkthrough with Examples
10:15-11:15, Michelle Huhnke
- Statement of Program Service Accomplishments
- Accounting Periods and Methods
- Statement of Revenue
- Statement of Functional Expenses
- Balance Sheet
- Reconciliation of Net Assets
- Employee Compensation
- Employment Issues
11:15-12:15, Nancy E. Joerg
- Classification of Workers as Employees or Independent Contractors
- Handling an Illinois Department of Employment Security (IDES) Audit Where Independent Contractor Status is an Issue
- Handling an IRS Audit Where Classification is an Issue
- How to Strengthen Independent Contractor Status
- Governing Board, Directors, and Officers
1:15-2:15, J. Thomas McCully
- Potential Liability Concerns
- Understanding Fiduciary Duties and Indemnification
- Compensation Packages
- Transferring Leadership
- Private Benefit Concerns
2:30-3:30, J. Thomas McCully
- Private Benefit vs. Inurement
- Excess Benefit Transactions
- Who is a Disqualified Person?
- Intermediate Sanctions
- Preventing and Surviving an Audit
3:30-4:30, Michael A. Clark
- Red Flags That Trigger IRS or State Audits
- Responding to Private Letter Rulings and Determination Letters
This basic-to-intermediate level course provides solutions to everyday challenges exempt organizations are currently facing. The following professionals will benefit:
- CPAs and Accountants
- Nonprofit Organization Directors and Officers
- Nonprofit Organization Bookkeepers and Controllers
- Tax Managers/Enrolled Agents
- Certified Financial Planners