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Tax Exempt Organizations From Start to Finish  

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This basic level program provides an orientation to the legal and tax nuts and bolts of exempt organizations for: Attorneys, In-House Counsel, CPAs and Accountants, Nonprofit Organization Directors and Officers, Nonprofit Organization Bookkeepers and Controllers, Tax Managers, Paralegals

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Seminar Summary:

This fast-paced course provides a comprehensive orientation to the legal and tax aspects of exempt organizations. (see full course description)

 

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Training Course Syllabus:


Confidently Advise Exempt Organizations

Do you have a firm grasp of the transparency and accountability standards required of tax-exempt organizations? Can you easily spot omissions or errors in their tax forms, articles of incorporation and policies? This fast-paced course provides a comprehensive orientation to the legal and tax aspects of exempt organizations. Experienced faculty will explain the nuts and bolts from incorporation to dissolution – with all the tax and compliance challenges in between. By the end of the day, you'll have all the knowledge and tools you need to confidently advise these organizations. Register today!

  • Be prepared to effectively advise your clients on establishing, operating and terminating tax-exempt organizations.
  • Study the various categories of 501(c)s under the internal revenue code, and learn how to properly apply for tax-exempt status.
  • Make sure to include all of the key provisions in articles of incorporation and bylaws.
  • Recognize the two Sarbanes-Oxley requirements for nonprofit organizations, and learn what other SOX practices may be extremely valuable to implement.
  • Gain a better understanding of the fiduciary duties and potential liabilities of the Board of Directors and officers.
  • Find out how to ensure organizational transparency on Form 990, while using it as a positive marketing opportunity.
  • Avoid inadvertent paperwork mistakes that may trigger a compliance check by the IRS.
  • Understand what documentation needs to be filed to authorize dissolutions of exempt organizations.
  • Maintain an ethical practice by knowing how to handle multiple representation and confidentiality dilemmas.


  1. INCORPORATION PROCESS
    8:30 - 9:30, John M. Whalen
    1. Liability Associated With Unincorporated Organizations
    2. Articles of Incorporation – Key Provisions to Include
      1. Governing Body
      2. Purpose Clause
      3. Dissolution Clauses
      4. Provisions Required by IRS
      5. Other Crucial Language
    3. Bylaws – Key Provisions to Include
      1. Directors and Officers
      2. Meetings
      3. Voting
      4. Indemnification
    4. Mission Statement
    5. The Use of LLCs (and L3Cs) for Nonprofits
  2. ESTABLISHING TAX-EXEMPT STATUS WITH THE IRS
    9:30 - 10:15, John M. Whalen
    1. Nonprofit vs. Tax Exempt
    2. Determining the Type of Tax-Exempt Organization Under the Internal Revenue Code (IRC)
    3. 501(c)(3): Publicly Supported or Private Foundation?
    4. IRS Application Process for 501(c)(3) – Form 1023
      1. The Importance of the Narrative Description of Activities
      2. Submitting the Budget: What You Need to Know
      3. Other Traps for the Unwary
      4. Retroactive Applications for Existing Organizations
    5. IRS Application Process for Other 501(c) Categories That Qualify for Exemption
    6. Required Annual or Periodic Federal/State/Local Filings
  3. LIABILITY OF DIRECTORS AND OFFICERS
    10:30 - 11:15, Kenleigh Nicoletta
    1. Fiduciary Duties and Indemnification
    2. Private Inurement/Private Benefit
    3. Excess Benefit Transactions and the “Intermediate Sanctions”
    4. Case Studies
  4. HANDLING CONTRIBUTIONS AND TAX DEDUCTIONS
    11:15 - 11:45, Kenleigh Nicoletta
    1. Types of Gifts: Advising Clients on Accepting Money and Property
    2. Handling Unanticipated Funds With “Facts and Circumstances” Test
    3. Tax Deductions and Substantiation Requirements
    4. Recent Changes and Current IRS Focus
  5. UNRELATED BUSINESS TAXABLE INCOME (UBTI)
    12:45 - 1:15, Kenleigh Nicoletta
    1. Defining UBTI/UBIT
    2. Tax Computation: Form 990-T or Push to Subsidiary?
    3. Exceptions, Exemptions and Traps for the Unwary
  6. FORM 990: KEY COMPLIANCE POINTS AND DISCLOSURE CONSIDERATIONS
    1:15 - 2:00, John M. Whalen
    1. Governance Body and Conflicts of Interest
    2. Changes to Organizational Documents
    3. Documentation of Actions by the Board
    4. Written Policies
    5. Independent Review of Executive Compensation
    6. Disclosure Requirements
    7. Balance Sheet
    8. Using Form 990 to the Organization's Advantage
  7. ETHICAL CONSIDERATIONS FOR EO PRACTITIONERS
    2:00 - 3:00, Kenleigh Nicoletta
    1. Multiple Representation Issues: Who is the Client?
    2. Attorney-Client Confidentiality Within the Different Levels of an Organization
    3. Confidentiality vs. Disclosure to the IRS
    4. Self-Dealing Situations
    5. Excessive Compensation
    6. Direct Referrals From Board
    7. When the Attorney Must Resign
  8. ADVISING ON OPERATIONAL ISSUES
    3:15 - 4:00, John M. Whalen
    1. Applying Sarbanes-Oxley to Nonprofits
      1. Document Retention
      2. Whistleblower Protection
      3. Non-Mandatory but Valuable Practices Nonprofits can Adopt
    2. Strategies for Board Policy-Making
    3. Advising Directors on Mission “Drift”
    4. Investment Considerations
    5. Solicitation and Fundraising Activities
    6. Lobbying and Political Campaign Activities
  9. RESTRUCTURING AND TERMINATING EXEMPT ORGANIZATIONS: PROCEDURES AND PITFALLS
    4:00 - 4:40, John M. Whalen
    1. Structuring Alliances and Networks
    2. Merging or Consolidating With Another Tax-Exempt Organization
    3. Dissolving a Tax-Exempt Organization: Steps, Forms and Filings Required
    4. Distribution or Transfer of Assets
    5. Insolvency Strategies

Seminar Summary:

This fast-paced course provides a comprehensive orientation to the legal and tax aspects of exempt organizations. (see full course description)

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