Not-for-Profit Certificate II - Tax Compliance

Overview

Tax compliance considerations and heavily scrutinized sections of Form 990 are examined for practitioners looking to elevate their NFP tax knowledge. Part of the Not-for-Profit Certificate II Program.

Highlights

Key Topics

• IRS filing requirements and reporting thresholds
• Establishing and protecting tax exemption
• Excess benefit transactions
• Unrelated business income (UBIT), exceptions and exclusions
• IRS audit activity
• Public support test
• Common red flags

Prerequisites

Experience working in or with the not-for profit industry.

Designed For

Who Will Benefit

• NFP tax preparers
• User of NFP tax returns

Objectives

Learning Outcomes

• Identify the process to prepare the most common Form 990 schedules.
• Analyze scenarios to determine the appropriate schedule, part, and line, and necessary calculations, for complete and accurate Form 990 reporting.
• Determine the essential reporting considerations for the most common Form 990 schedules.
• Identify the process to prepare the Form 990 core form and accompanying schedules.
• Determine the effect of a particular transaction or significant event for Form 990 reporting.
• Distinguish between organizational and operational requirements to maintain federal tax-exempt status.
• Determine when an organization could be subject to unrelated business income taxes (UBIT) and differentiate between the more common exceptions and exclusions that apply.