Course Description
Program Description
A Compilation of the Top Tax and Legal Challenges Tax-Exempt Organizations Face
Are your tax and legal practices in compliance with the complex regulations governing 501(c)(3) organizations? This unique course compiles the most common mistakes that exempt organizations make and offers essential strategies for how to not only avoid them, but handle them when they happen. Ensure the 501(c)(3) organizations you work with comply with local, state and federal laws, regulations and tax requirements. Get sample forms and detailed instruction on reporting, bylaws, contributions, filing mistakes and much more. Register today!
Review key filing points of preparing Form 1023 and its supporting documents.
Walk through a sample Form 990 and review top issues regarding disclosures.
Identify common actions that endanger the tax-exempt organization.
Make sure your clients are audit-ready with impeccable accounting and reporting practices.
Clarify the duties and potential liabilities of the directors, with special focus on compensation.
Find solutions to charitable contribution issues in EO financial management.
Identify and quantify UBIT and discover all relevant exemptions and exclusions.
Be prepared to handle self-dealing concerns.
Identify activities that generate unrelated business income.
Understand and apply recent IRS rulings to your situation.
Advise your organization on which reporting errors to avoid.
Who Should Attend
This intermediate level course provides solutions to the most difficult 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
Paralegals
Course Content
IRS Form 1023 Filing Mistakes
Form 990 Disclosure Requirements
Oversights That Result in Having 501(c)(3) Status Revoked: What You DON'T Know . . .
Noncompliance with Lobbying Activity Rules/Limitations/Requirements
Compensation Issues: Executive Director, Board Members and Disqualified Persons
Failure to Consider UBIT Issues
State Tax Exclusion and Exemption Errors (Real Property, Sales/Use, etc.)
Failure to Maintain Accurate Books and Records: What the IRS is Looking for
Fundraising, Mishandling of Charitable Contributions and Charitable Solicitation Noncompliance
Ethical Issues: Conflicts of Interest, Private Inurnment and Self-Dealing
Continuing Education Credit
Continuing Legal Education – CLE: 8.00 *
Enrolled Agent – Enrolled Agent: 8.00 *
Institute of Certified Bankers – ICB: 4.75 *
International Association for Continuing Education Training – IACET: 0.70
National Association of State Boards of Accountancy – CPE for Accountants: 8.00 *
Professional Achievement in Continuing Education – PACE: 8.00
Agenda
Agenda / Content Covered
IRS Form 1023 Filing Mistakes
8:30 - 9:15, Paul Horowitz
501(c)(3) Mission and Purpose
Eligibility Requirements
Procedure/Deadline Pitfalls
Attachment Errors
Narrative Description of Activities
Budgeting Mistakes
Incorrectly Handling Delays and Requests for Additional Information
Form 990 Disclosure Requirements
9:15 - 9:45, Paul Horowitz
Oversights That Result in Having 501(c)(3) Status Revoked: What You DON'T Know . . .
10:00 - 10:30, Christy Bastian
Noncompliance with Lobbying Activity Rules/Limitations/Requirements
10:30 - 11:00, Christy Bastian
Compensation Issues: Executive Director, Board Members and Disqualified Persons
11:00 - 12:00, P. Prestin Weidner
Independent Review of Executive Compensation
1099 Reporting, or Lack Thereof
Misclassifying Employees as Independent Contractors
Excessive Compensation
Improper Reporting of Benefits for Management Level Employees
Substantiation for Travel/Reimbursements/Meals/Entertainment
Excess Benefit Transactions - Rebuttable Presumption
Compensation to Disqualified Persons
Organization Managers
Failure to Consider UBIT Issues
1:00 - 1:45, P. Prestin Weidner
UBIT Update: Recent Trends and Developments
Review of Sample Case Study
Multistate Income Tax Allocation and Apportionment Issues from Investment Income Generating UBTI
Not Identifying Something as Resulting in UBTI
Underreporting Unrelated Business Income Tax
State Ramifications of Noncompliance
State Tax Exclusion and Exemption Errors (Real Property, Sales/Use, etc.)
1:45 - 2:15, P. Prestin Weidner
Failure to Maintain Accurate Books and Records: What the IRS is Looking for
2:15 - 2:45, Samantha Abraham
Fundraising, Mishandling of Charitable Contributions and Charitable Solicitation Noncompliance
3:00 - 3:40, Taso M. Milonas
Fundraising Do's and Don'ts
Donor Relations
Substantiation and Disclosure of Charitable Contributions
Scope of Charitable Solicitation State Level Registration Requirements
Planned Giving; Gift-Giving
Earned Revenue vs. Charitable Gifts or Grants
Valuation Issues
Tax Deductions
Problems with Restricted Gifts and Endowments
Ethical Issues: Conflicts of Interest, Private Inurnment and Self-Dealing
3:40 - 4:40, Taso M. Milonas
Acts of Self-Dealing
Duties of Officers and Directors
Confidentiality of Info Discussed by Board
Fiduciary Liability
Conflicts of Interest
Private Inurnment