Tax Planning and Compliance for Tax-Exempt Organizations: 2007 Cumulative Supplement / Edition 4

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Overview

The 2007 Cumulative supplement includes new information on the following:
  • Pension Protection Act of 2006 and its impact
  • 2006 Form 990
Readers should watch for new developments announced by the IRS in their fiscal 2007 Priority Guidance Plans released November 7, 2006. The list for 2007 includes completion of the following issues focused on in the past year:
  • Guidance on political activity by section 501(c)(3) organizations (stemming from technical advise requested during examinations)
  • Credit counseling and down-payment assistance examinations (Revocation of exemption recommended in a majority of these examinations.)
  • Effectiveness of handling of exemption for Hurricane Katrina relief organizations.
  • Penalty waivers and amounts imposed on political organizations that fail to comply with notice and reporting requirements under §527(l)
  • Excess compensation initiative project (Report of these exams were delayed.)
  • Hospitals and satisfaction of the community benefit standards and compensation policies
  • Work with U.S. Treasury's Criminal Investigation Division on Counter-terrorism initiatives, including foreign grant-making by U.S. charities
  • Look for additional ways to speed the review of Form 1023, including an update procedures for processing exemption applications set out in Rev. Proc. 90-27 and guidance on advance and definitive rulings for organizations treated as described in §509(a)(2) and §170(b)(1)(A)(vi)/§509(a)(1). During 2006, they did reduce the unprocessed inventory from 12,000 applications down to 7,000.
  • Conduct a campaign to educate organizations about the new electronic filingrequirements.
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Product Details

Meet the Author

Jody Blazek, CPA (Houston, TX) is a partner in Blazek & Vetterling, LLP, an accounting firm that focuses on financial planning, tax compliance, and auditing for tax-exempt organizations and the individuals who create, fund, and work for them. She is also a founding director of Texas Accountants and Lawyers for the Arts and a board member of the Anchorage Foundation, Houston Artists Fund, River Pierce Foundation, and the Planned Giving Council of Houston. Blazek's nonprofit concentration began when she worked at KPMG Peat Marwick and continued when she served as chief financial officer of the Menil Foundation. She is the author six books in the Wiley Nonprofit Series: IRS Form 1023 Preparation Guide (2005), IRS Form 990 Tax Preparation Guide for Nonprofits (2004), Tax Planning and Compliance for Tax-Exempt Organizations, and Financial Planning for Nonprofit Organizations (1996); and Private Foundations: Tax Law and Compliance (2003), The Legal Answer Book for Private Foundations (2002), both co-authored by Bruce R. Hopkins. She received her BBA from the University of Texas at Austin and attended South Texas School of Law. 
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Table of Contents


Special Tax Announcement: Pension Protection Act and Its Impact     xvii
Qualifications of Tax-Exempt Organizations
Qualifying Under IRC [Section]501(c)(3)     3
Religious Organizations     7
Charitable Organizations     9
Civic Leagues and Local Associations of Employees: [Section]501(c)(4)     13
Labor, Agricultural, and Horticultural Organizations: [Section]501(c)(5)     15
Social Clubs: [Section]501(c)(7)     17
Instrumentalities of Government and Title-Holding Corporations     19
Public Charities     33
Standards for Private Foundations
Private Foundations-General Concepts     41
Excise Tax Based on Investment Income: IRC [Section]4940     49
Self-Dealing: IRC [Section]4941     55
Minimum Distribution Requirements: IRC [Section]4942     61
Excess Business Holdings and Jeopardizing Investments: IRC [Section]4943 and [Section]4944     67
Taxable Expenditures: IRC [Section]4945     71
Obtaining and Maintaining Tax-Exempt Status
IRS Filings, Procedures, and Policies     79
New Form 1023 (Filled In)     115
Form 8734: Support Schedule for Advance Ruling Period     154
Schedules for Form 1023: Completed by Churches, Schools, Hospitals, and Others     157
Form 990 (New)     171
Maintaining Exempt Status     183
Private Inurement and Intermediate Sanctions     185
Unrelated Business Income     193
Relationships with Other Organizations and Businesses     199
Electioneering and Lobbying     201
Deductibility and Disclosures     205
State Sales Tax Exemptions     209
Checklist for Initial Registrations     211
Employment Taxes     213
Mergers, Bankruptcies, and Terminations     215
Table of Cases     217
Table of IRS Revenue Rulings     218
Table of IRS Revenue Procedures     219
Index     221
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