Tax Planning and Compliance for Tax-Exempt Organizations

Overview

Nonprofit organizations including health and welfare organizations, colleges and universities, private foundations, churches, libraries, museums, cultural institutions, and other smaller groups contend daily with the possibility of losing their tax-exempt status. This update contains clear-cut answers to all procedural and tax process questions. There is straightforward information on changing UBI rules, joint ventures, sponsorships, deductions against UBI, preparation of IRS forms, and more. Includes checklists ...
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Overview

Nonprofit organizations including health and welfare organizations, colleges and universities, private foundations, churches, libraries, museums, cultural institutions, and other smaller groups contend daily with the possibility of losing their tax-exempt status. This update contains clear-cut answers to all procedural and tax process questions. There is straightforward information on changing UBI rules, joint ventures, sponsorships, deductions against UBI, preparation of IRS forms, and more. Includes checklists and complete citations.
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Product Details

  • ISBN-13: 9781118363102
  • Publisher: Wiley, John & Sons, Incorporated
  • Publication date: 4/29/2013
  • Edition description: 5th Edition 2013 Supplement
  • Edition number: 5
  • Pages: 160
  • Product dimensions: 6.60 (w) x 9.40 (h) x 0.70 (d)

Meet the Author

JODY BLAZEK, CPA, 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 of The Legal Answer Book for Private Foundations, the 990 Handbook, and Financial Planning for Nonprofit Organizations. 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

About the Author ix

Preface xi

PART I QUALIFICATIONS OF TAX-EXEMPT ORGANIZATIONS 1

CHAPTER 2 Qualifying Under IRC § 501(c)(3) 3

§ 2.1 Organizational Test 3

§ 2.2 Operational Test 4

CHAPTER 3 Religious Organizations 7

§ 3.2 Churches 7

CHAPTER 4 Charitable Organizations 9

§ 4.2 Promotion of Social Welfare 9

§ 4.6 Promotion of Health 9

CHAPTER 5 Educational, Scientific, and Literary Purposes,

and Prevention of Cruelty to Children and Animals 19

§ 5.1 Educational Purposes 19

CHAPTER 6 Civic Leagues and Local Associations of Employees: § 501(c)(4) 21

§ 6.1 Comparison of (c)(3) and (c)(4) Organizations 21

CHAPTER 7 Labor, Agricultural, and Horticultural Organizations:

§ 501(c)(5) 23

§ 7.2 Agricultural Groups 23

CHAPTER 8 Business Leagues: § 501(c)(6) 25

§ 8.2 Meaning of “Common Business Interest” 25

§ 8.3 Line of Business 25

CHAPTER 9 Social Clubs: § 501(c)(7) 27

§ 9.4 Revenue Tests 27

CHAPTER 11 Public Charities 29

§ 11.2 “Inherently Public Activity” and Broad Public Support

§ 509(a)(1) 29

§ 11.6 Supporting Organizations 30

PART II STANDARDS FOR PRIVATE FOUNDATIONS 39

CHAPTER 12 Private Foundations—General Concepts 41

§ 12.2 Special Rules Pertaining to Private Foundations 41

§ 12.4 Termination of Private Foundation Status 41

CHAPTER 13 Excise Tax Based on Investment Income: IRC § 4940 45

§ 13.2 Capital Gains 45

CHAPTER 14 Self-Dealing: IRC § 4941 47

§ 14.2 Sale, Exchange, or Lease of Property 47

§ 14.3 Loans 48

§ 14.4 Compensation 49

§ 14.7 Sharing Space, People, and Expenses 49

§ 14.9 Property Held by Fiduciaries 49

§ 14.10 Issues Once Self-Dealing Occurs 49

CHAPTER 15 Minimum Distribution Requirements: IRC § 4942 51

§ 15.2 Measuring Fair Market Value 51

§ 15.4 Qualifying Distributions 52

§ 15.6 Satisfying the Distribution Test 59

CHAPTER 16 Excess Business Holdings and Jeopardizing Investments:

IRC §§ 4943 and 4944 63

§ 16.1 Excess Business Holdings 63

§ 16.3 Program-Related Investments 64

§ 16.4 Penalty Taxes 65

CHAPTER 17 Taxable Expenditures: IRC § 4945 67

§ 17.3 Grants to Individuals 67

§ 17.4 Grants to Public Charities 69

§ 17.5 Grants to Foreign Organizations 71

PART III OBTAINING AND MAINTAINING TAX-EXEMPT STATUS 95

CHAPTER 18 IRS Filings, Procedures, and Policies 97

§ 18.1 Determination Process 97

§ 18.2 Annual Filing of Forms 990 98

§ 18.3 Reporting Organizational Changes to the IRS 103

§ 18.4 Weathering an IRS Examination 103

CHAPTER 19 Maintaining Exempt Status 119

§ 19.1 Checklists 119

CHAPTER 20 Private Inurement and Intermediate Sanctions 125

§ 20.1 Defining Inurement 125

§ 20.2 Salaries and Other Compensation 126

CHAPTER 21 Unrelated Business Income 127

§ 21.1 IRS Scrutiny of Unrelated Business Income 127

§ 21.8 Unrelated Activities 127

§ 21.10 Income Modifications 128

§ 21.12 Debt-Financed Property 128

§ 21.15 Publishing 129

CHAPTER 24 Deductibility and Disclosures 131

§ 24.1 Overview of Deductibility 131

§ 24.2 Substantiation and Quid Pro Quo Rules 132

CHAPTER 25 Employment Taxes 133

§ 25.2 Ministers 133

Index 135

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