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For tax exempt organizations, it is not about calculating income tax. It is about showing to the IRS at inception and annually that the organization is entitled to be classified as a tax exempt organization because of its purpose as reflected in its management and activities. Exempt organizations have unique tax rules and special forms. The IRS is especially sensitive to abuses of exempt status. From fundamentals needed to obtain exemption and to prepare Form 990, this program teaches what the informed accounting and finance professionals in public practice and inside a tax-exempt organization must know.

Objectives

Participants will be able to:

  • Understand special filing requirements of exempt entities
  • Distinguish between charitable and other not-for-profit entities
  • Recognize unrelated business income
  • Prepare Form 1023, 1023-EZ, or 1024 and related schedules
  • Prepare Form 990, 990-EZ, and 990-N and related schedules
  • Be aware of traps and pitfalls that can lead to penalties or loss of exempt status

Highlights

  • What is an exempt organization?
  • The importance of knowing the organization's purpose
  • Special status of charitable organizations
  • When and how to apply for exempt status
  • Notice requirement for new 501(c)(4) organizations
  • Which organizations are required to file a Form 990?
  • Unrelated business taxable income-the fundamentals
  • Statutory exclusions under IRC Secs 512, 513, and 514
  • In-depth analysis of Form 990, Form 990-EZ, and 990-N, and public disclosure requirements
  • Fund raising disclosure requirements of noncharitable exempt organizations
  • IRS' expectation for management of the organization
  • Introductions to private inurement and intermediate sanctions

Who Will Benefit

Accounting and financial professionals that have any involvement with tax-exempt organizations and preparation of Forms 1023, 1023-EZ, 1024, 990, 990-EZ, and 990-N. May also be suitable for public practice.

Credits

Category Amount
Tax 8.00
Yikes, the time is near. Please call NMSCPA at (505) 246-1699 to register.

Leaders

  • Edward Zollars

    Edward K. Zollars, CPA, is in public practice in Phoenix, Arizona as a partner with the firm of Thomas & Zollars & Lynch, Ltd. He has been in practice for over twenty five years, specializing in tax issues for closely held businesses and individuals. Ed has been professionally involved with both tax and technology issues, combing the two disciplines in starting the first tax podcast (Ed Zollars Tax Update, produced weekly dealing with current tax issues. He has been a member of AICPA Tax Division Committees dealing with tax and technology issues, and was the Tax Section’s representative on three occasions to the AICPA’s Top Ten Technologies project. Ed is also a member of the Phoenix Tax Workshop’s Advisory Committee, and currently serves on the Tax Legislation Liaison Committee for the Arizona Society of CPAs. Ed was selected as a Life Member by the Arizona Society of CPAs in May of 2010. Ed is a co-author of the Arizona Income Tax Guide published by the Phoenix Tax Workshop, and has written articles published in Practical Tax Strategies and the Tax Adviser. He has been a frequent contributor to a number of professional tax discussion groups, and served as systems operator on the AICPA’s Accountants Forum in the mid 1990s. He has spoken regularly on tax and technology topics since 1996, speaking before conferences sponsored by the AICPA and a number of state society of CPAs.

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