Have you been reporting the correct items on Form 990? Have your clients been keeping track of donor history? This course will review the various items of income (and reporting requirements) that a not-for-profit organization may receive during the year. Proper reporting of income items can help you spot potential problems earlier. What problems? Tax on unrelated business income, and reclassification of the entity as a private foundation. In addition, we will discuss the types of expenditures that can result in excise taxes and/or loss of exempt status due to excess lobbying, political expenditures and 'unreasonable' compensation.
- How to protect your tax exempt status
- Avoiding IRS fines when governance and tax documents are requested
- Five steps to avoid intermediate sanctions/excess benefits penalties
- Agreements that 'lock-in' tax-free royalty status
- Putting your best foot forward with Form 990
- Generating income without surprise unrelated business income taxes
- Sarbanes-Oxley - what it means for your non-profit
8:30 a.m. - 12:00 p.m.
(Break 9:30 a.m. - 9:40 a.m.)
I. When Form 990 Is required
II. Non-Profits Not Subject To Filing
III. What Should You Do When You
Cannot Meet The Filing Deadline?
IV. When Is Return Required To Be Made
Available To The Public?
V. When Can You Turn Down Requests
For A Form 990 Copy?
VI. What Does Substantiation Have To Be
Given To Donors?
VII. Payroll Reporting For Non-Profits
VIII. Employee Or Independent
IX. Using Sec. 530 Of The 1978 Revenue
Act To Protect Your Non-Profit
X. Unrelated Business Income Tax
XI. When To Start Reporting Taxable
Trade And Business Income
XII. When Your Revenues Become 'Trade
Or Business' Income
XIII. Basic Legal Principles
XIV. Exceptions For Ubit
XV. Draft Agreements To Lock In Tax-Free
XVI. Is Your Activity 'Passive' Or
'Providing Services' And Why It
Makes A Difference…
XVII. How To Profit Tax-Free From Affinity
XVIII. Does It Make A Difference If You
DON'T Make A Profit?
XIX. Still Taxable If Not 'Regularly' Carried
XX. What Is 'Unrelated' Business
XXI. Non-Taxable Advertising?
XXII. What If Your Advertising Activity Isn't
'Regularly' Carried On?
XXIII. How To Know If Your Organization Is
Maximizing Your Deductions
XXIV. Making Mailing List Rental Income Is
XXV. When Timesheets Are Critical
12:00 p.m. - 1:00 p.m.
Lunch (On Your Own)
1:00 p.m. - 4:30 p.m.
(Break 2:30 p.m. - 2:40 p.m.)
XXVI. Avoiding Other Tax And Financial
XXVII. Intermediate Sanctions: What
Happens When You Pay
How You Know When It's
XXVIII. Five Steps To Getting The IRS To
Agree Compensation Is Reasonable
XXIX. State Charitable Registration
Requirements: How To Stay Out Of
XXX. Retirement Plans For Non-Profits
XXXI. Sales And Use Tax Exemptions
XXXII. When Non-Profits Have To Pay
XXXIII. Bonus#1: Non-Profit Governance
XXXIV. What Fiduciary Duties Apply In Your
XXXV. Care, Loyalty, Obedience – Duties
That Can Backfire On You?
XXXVI. Avoiding Conflicts Of Interest
XXXVII. Protecting The Confidentiality Of Your
Non-Profit Business Operations
XXXVIII. Sarbanes-Oxley: What It Means For
XXXIX. Bonus#2: What To Watch For When
You Have To Sign A Non-Profit
XXXX. When You Personally Can Be
Responsible For Penalties
XXXXI. Watching For Insider Transactions
And Excess Benefits Penalties
XXXXII. Is All Compensation Disclosed?
XXXXIII. Starting The Statute Of Limitations
XXXXIV. When Some Return Is Better Than No