Tax Planning and Compliance for Tax Exempt Organizations, 2023 - Cumulative Supplemen

An essential, timesaving guide for accountants, lawyers, nonprofit executives and directors, consultants, and volunteers - Completely updated for 2023
 
This book is an indispensable guide to navigating the complex maze of nonprofit tax rules and regulations. A clear and fully cited description of the requirements for the various categories of tax-exempt entities from public charities, private foundations, civic associations, business leagues, and social clubs to title-holding companies and governmental entities can be found. Practical guidance on potential for income tax on revenue-producing enterprises along with explanations of many exceptions to taxability is provided. Issues raised by Internet activity, advertising, publishing, providing services, and much more are explained.
 
This useful annual supplement for 2023 will cover any and all changes and updates to the law within the previous 12 month period and will keep accountants, attorneys, and others up-to-date for the year ahead.
* Features a variety of sample documents for private foundations, including penalty abatement requests and sharing space agreements
* Provides helpful practice aids, such as a comparison of the differences between public and private charities, charts reflecting lobbying limits for different types of entities, and listings of rulings and cases that illustrate permissible activity for each type of organizations compared to impermissible activity

List of contents

Preface ix
 
Part I Qualifications of Tax-Exempt Organizations 1
 
Chapter 1 Distinguishing Characteristics of Tax-Exempt Organizations 3
 

1.4 Role of the Internal Revenue Service 8
 

1.8 Developments Responding to COVID-19 11
 
Chapter 2 Qualifying Under IRC
501(c)(3) 19
 

2.2 Operational Test 19
 
Chapter 3 Religious Organizations 29
 

3.2 Churches 29
 
Chapter 4 Charitable Organizations 37
 

4.1 Relief of the Poor 37
 

4.3 Lessening the Burdens of Government 39
 

4.5 Advancement of Education and Science 39
 

4.6 Promotion of Health 42
 
Chapter 5 Educational, Scientific, and Literary Purposes and Prevention of Cruelty to Children and Animals 43
 

5.1 Educational Purposes 43
 
Chapter 6 Civic Leagues and Local Associations of Employees:
501(c)(4) 45
 

6.2 Qualifying and Nonqualifying Civic Organizations 45
 

6.4 Neighborhood and Homeowner's Associations 48
 
Chapter 9 Social Clubs:
501(c)(7) 49
 

9.1 Organizational Requirements and Characteristics 49
 

9.4 Revenue Tests 50
 
Chapter 10 Instrumentalities of Government and Title-Holding Corporations 53
 

10.6 Requirements for IRC
501(c)(8) and
(c)(10) 53
 
Chapter 11 Public Charities 63
 

11.2 "Inherently Public Activity" and Broad Public Support:
509(a)(1) 63
 

11.5 Difference Between
509(a)(1) and
509(a)(2) 64
 

11.9 Supporting Organization:
509(a)(3) 64
 
Part II Standards For Private Foundations 65
 
Chapter 12 Private Foundations--General Concepts 67
 

12.4 Termination of Private Foundation Status 67
 
Chapter 13 Excise Tax Based on Investment Income: IRC
4940 69
 

13.2 Capital Gains 69
 
Chapter 14 Self-Dealing: IRC
4941 71
 

14.2 Sale, Exchange, or Lease of Property 71
 

14.5 Transactions That Benefit Disqualified Persons 71
 
Chapter 15 Minimum Distribution Requirements: IRC
4942 75
 

15.1 Assets Used to Calculate Minimum Investment Return 75
 

15.2 Measuring Fair Market Value 75
 

15.4 Qualifying Distributions 78
 
Chapter 16 Excess Business Holdings and Jeopardizing Investments: IRC

4943 and 4944 83
 

16.1 Excess Business Holdings 83
 

16.2 Jeopardizing Investments 84
 
Chapter 17 Taxable Expenditures: IRC
4945 89
 

17.1 Lobbying 89
 

17.3 Grants to Individuals 89
 

17.4 Grants to Public Charities 95
 
Part III Obtaining and Maintaining Tax-Exempt Status 97
 
Chapter 18 IRS Filings, Procedures, and Policies 99
 

18.1 IRS Determination Process 102
 

18.2 Annual Filing of Forms 990 112
 

18.3 Reporting Organizational Changes to the IRS 130
 

18.4 Weathering an IRS Examination 130
 
Chapter 19 Maintaining Exempt Status 137
 

19.1 Checklists 137
 
Chapter 20 Private Inurement and Intermediate Sanctions 145
 

20.2 Salaries and Other Compensation 145
 

20.10 Intermediate Sanctions 146
 

20.11 New
4960 Excise Tax on Excess Compensation 156
 
Chapter 21 Unrelated Business Income 161
 

21.4 Definition of Trade or Business 167
 

21.8 Unrelated Activities 168
 

21.10 Income Modifications 168
 

21.11 Calculating and Minimizing Taxable Income 169
 
Chapter 23 Electioneering and Lobbying 175
 

23.1 Election Campaign Involvement 175
 

23.3 Tax on Political Expenditures 176
 
Chapter 24 Deductibility and Disclosures 179
 

24.1 Over

Summary

An essential, timesaving guide for accountants, lawyers, nonprofit executives and directors, consultants, and volunteers - Completely updated for 2023

This book is an indispensable guide to navigating the complex maze of nonprofit tax rules and regulations. A clear and fully cited description of the requirements for the various categories of tax-exempt entities from public charities, private foundations, civic associations, business leagues, and social clubs to title-holding companies and governmental entities can be found. Practical guidance on potential for income tax on revenue-producing enterprises along with explanations of many exceptions to taxability is provided. Issues raised by Internet activity, advertising, publishing, providing services, and much more are explained.

This useful annual supplement for 2023 will cover any and all changes and updates to the law within the previous 12 month period and will keep accountants, attorneys, and others up-to-date for the year ahead.
* Features a variety of sample documents for private foundations, including penalty abatement requests and sharing space agreements
* Provides helpful practice aids, such as a comparison of the differences between public and private charities, charts reflecting lobbying limits for different types of entities, and listings of rulings and cases that illustrate permissible activity for each type of organizations compared to impermissible activity

Product details

• Authors: Blazek, Jody Blazek, Jody (Blazek Blazek, Blazek Jody
• Publisher: Wiley, John and Sons Ltd
• Languages: English
• Product format: Paperback / Softback
• Released: 01.06.2023
• EAN: 9781394179763
• ISBN: 978-1-394-17976-3
• No. of pages: 240
• Subjects: Social sciences, law, business > Business > Business administration; Rechnungswesen, Besteuerung, Steuer, Steuern, Steuerbefreiung, Accounting, Taxation