Course ID: ITEO2

Introducing Tax-Exempt Organization: What’s the Purpose of It All?

The three most important principles to remember about tax exempt organizations are: Purpose, Purpose, and Purpose. An organization desiring to be exempt from regular income taxation must have a tax-exempt purpose that corresponds with those listed in the Internal Revenue Code; it must demonstrate its tax-exempt purpose in the operation of the organization, starting in year one, then continuing throughout its existence; and the actions of the organizers, directors, and officers of the organization must be consistent with the overall purpose for which the organization received its exemption. This introduction to tax exempt organizations identifies circumstances under which an organization may and may not be granted exemption. It describes the process for requesting tax-exempt status. Then it introduces basic concepts on which to build an organization that will be allowed to remain tax exempt.


LEARNING OBJECTIVES
  • Identify organizations eligible for tax-exempt status Understand the steps necessary for applying for exemption Be aware of traps and pitfalls that can lead to penalties or loss of exempt status Identify issues involved in preparing Forms 1023, 1023-EZ, or 1024 and related schedules

MAJOR TOPICS

What is an exempt organization? The purpose of tax-exempt organizations Special status of charitable organizations Notice requirement for new 501(c)(4) organizations IRS’s expectation for management of a tax-exempt organization


DESIGNED FOR
CPAs having 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.

FIELD OF STUDY
Taxes

PREREQUISITES
None

COURSE PRODUCER
Loscalzo Associates

CPE CREDITS
2.0

LEVEL
Basic
 

Let's Roll!

To learn more or customize this course for your group, complete this form and a BLI team member will get back with you shortly.


Or, contact BLI: 888-481-3500 or learn@blionline.org