Course ID: TEOB

Tax Exempt Organizations — Basic Operating Issues and Preparation of Form 990

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, 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, to stay out of trouble, and to prepare of the Forms 990, this program teaches what the informed CPA in public practice and inside a tax exempt organization must know.

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


? What is an “exempt organization”? ? Special status of charitable organizations ? When and how to apply for exempt status ? 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 990EZ, and public disclosure requirements ? Fund raising disclosure requirements of non-charitable exempt organizations ? IRS’ expectation for management of the organization ? Introductions to Private Inurement and Intermediate Sanctions

CPAs having any involvement with tax-exempt organizations and preparation of Forms 1023, 1024 and 990.


Nichols Patrick CPE, Inc



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