Show navigation

Available in:

OnDemand Webinar
Audio & Reference Manual
MP3 Download

Preventing, Correcting and Reporting Excess Benefit Transactions

Gain a better understanding of how to prevent, correct and report excess benefits transactions to reduce penalties, including Form 990 reporting requirements and how to avoid liability.

Public charities and social welfare organizations are subject to federal tax laws that prohibit the organization from engaging in excess benefit transactions with insiders to the organization. Excess benefit transactions can put an organization's tax-exempt status at risk and result in significant excise taxes for the person who received the excess benefit and potentially the organization's managers who approved the transaction. Improper transactions must be corrected and reported to the IRS. Financial transactions subject to these rules include employee compensation, independent contractor payments, severance pay, revenue-sharing, transfers of property, payment of insurance premiums, and other perks for insiders or their families, among other transactions. Counsel must prepare public charities and social welfare organizations to scrutinize their executive compensation and other financial transactions with officers, directors, and other insiders to ensure compliance with federal tax law. This topic will provide an overview of the excess benefit transaction rules, related Form 990 reporting requirements, and strategies to avoid liability for excise taxes and revocation of tax-exempt status based on excess benefit transactions.

Runtime: 89 minutes
Purchase Options

More Program Information

Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

IRC Section 4958: Excess Benefit Transactions

  • Definition of an Excess Benefit Transaction (EBT)
  • Who Is a Disqualified Person?
  • Examples of EBTs (e.g., Compensation, Purchase/Sale of Assets)
  • Discussion of Executive Compensation
  • Excise Taxes/Correcting the EBT
  • Approving Transactions With Disqualified Persons and the Rebuttable Presumption of Reasonableness
  • Revocation Factors

Form 990 Disclosures

Donor-Advised Funds and Supporting Organizations

Recent Rulings and Planning Strategies

Purchase Options

More Program Information

Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on December 8, 2017.

Call 1-866-352-9540 for further credit information.

  • AL CPE
     
  • This course is acceptable for 1.5 live credit hour(s) through the Alabama State Board of Public Accountancy.
     
  • GA CPE
     
  • This program is applicable for CPE credit. *The Georgia State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • IA CPE
     
  • This program is applicable for CPE credit. *The Iowa State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • IN CPE
     
  • This program is applicable for self study CPE credit. *The Indiana State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • KY CPE
     
  • This Ondemand program is applicable for CPE credit. *The Kentucky State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • MA CPE
     
  • This Ondemand program is applicable for CPE credit. *The Massachusetts State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • MD CPE
     
  • This course is not pre-approved for CPE credit in your state however, it is applicable. *Please check the rules and requirements in your state for compliance.
     
  • ME CPE
     
  • This Ondemand program is applicable for CPE credit. *The Maine State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • MI CPE
     
  • This Ondemand program is applicable for CPE credit. *The Michigan State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • MO CPE
     
  • This Ondemand program is applicable for CPE credit. *The Missouri State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • MT CPE
     
  • This Ondemand program is applicable for CPE credit.* *The Montana State Board of Accountancy has final authority on the acceptance of individual courses and providers. Please check the rules and requirements for CPE compliance and calculate the amount of credit hours you can claim for self study courses.
     
  • ND CPE
     
  • This Ondemand program is applicable for CPE credit. *The North Dakota State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • NH CPE
     
  • This Ondemand program is applicable for CPE credit. *The New Hampshire State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • NV CPE
     
  • This Ondemand program is applicable for CPE credit.*The Nevada State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • OH CPE
     
  • This Ondemand program is applicable for CPE credit. *The Ohio State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • PA CPE
     
  • This Ondemand program is applicable for CPE credit. *The Pennsylvania State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • TX CPE 1.8
     
  • Lorman Business Center, Inc. has registered with the Texas State Board of Public Accountancy as a CPE Sponsor. This registration does not constitute an endorsement by the Board as to the quality of our CPE Program. This program qualifies for 1.8 hours of continuing professional education.
     
  • VA CPE
     
  • This Ondemand program is applicable for CPE credit. *The Virginia State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • WA CPE
     
  • This Ondemand program is applicable for CPE credit.* *Please check the rules and requirements in your state for compliance.
     
  • WY CPE
     
  • This Ondemand program is applicable for CPE credit. *The Wyoming State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • GA CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

Purchase Options

More Program Information

Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Emily Chan

Emily Chan

Adler & Colvin

  • Attorney with the San Francisco law firm of Adler & Colvin, a firm that specializes in the representation of nonprofit organizations and their donors
  • Advises nonprofit and tax-exempt organizations on matters involving corporate governance and state and federal tax laws
  • Has presented at national conferences, including the American Bar Association Midyear Meeting and Board Source Leadership Forum, and for local groups, such as the Nonprofit Organizations Committee of the Business Law Section of the State Bar of California, the Bar Association of San Francisco, and Foundation Center - San Francisco
  • Guest lectured for the Master of Nonprofit Administration degree program at the University of San Francisco
  • Written and co-written articles on nonprofit and exempt organization legal issues for publications such as the American Bar Association Business Law Today, the Nonprofit Quarterly, and the Chronicle of Philanthropy, among others
  • The 2012 recipient of the Outstanding Young Attorney award from the Nonprofit Organizations Committee of the Business Law Section of the American Bar Association for her contributions to the nonprofit sector and development of nonprofit law
David A. Levitt

David A. Levitt

Adler & Colvin

  • Principal with the San Francisco law firm of Adler & Colvin, a firm that specializes in the representation of nonprofit organizations and their donors
  • Focus includes the representation of nonprofit and tax-exempt organizations, with an emphasis on mission-related investments, social enterprise, political advocacy, and nonprofit corporate governance
  • Served as Co-Chair of the Subcommittee on Intermediate Sanctions of the Exempt Organizations Committee from 2006 to 2013
  • Currently the Chair of the Current Developments Subcommittee of the Nonprofit Organizations Committee of the American Bar Association Business Law Section
  • Co-wrote the Rules of the Road; A Guide to the Law of Charities in the United States, Second Edition, Council on Foundations, 2008; other publications include: “Excess Benefit Transactions Under Section 4958 and Revocation of Tax-Exempt Status”, The Practical Tax Lawyer, Spring 2009; “Taking Care of Business: Use of a For-Profit Subsidiary by a Nonprofit Organization”, Business Law Today, June 2014 (co-author); and “Investing In The Future: Mission-Related And Program-Related Investments For Private Foundations”, The Practical Tax Lawyer, Spring 2011
  • Speaks regularly on nonprofit and tax exemption legal matters; also has served as an adjunct professor at the University of San Francisco, teaching a nonprofit legal issues course in the College of Professional Studies
Purchase Options

More Program Information

Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

  • Live Webinars
  • OnDemand Webinars
  • MP3 Downloads
  • Course Manuals
  • Audio Recordings*
  • Executive Reports
  • White Papers and Articles
  • Sponsored Live Webinars

Additional benefits include:

  • State Specific Credit Tracker
  • Members Only Newsletter
  • All-Access Pass Course Concierge

* For audio recordings you only pay shipping

Questions? Call 877-296-2169 to speak with a real person.

Sign Up Today
With This Course

Access to all training products for one year
$699/year

Unlimited Lorman Training

With the All-Access Pass there is no guessing what you will need for your yearly training budget. $699 will cover all of your training needs for an entire year!

Easy Registrations

Once you purchase your All-Access Pass you will never be any further than one-click away from attending any Lorman training course.

Invest in Yourself

You haven't gotten to where you are professionally by luck alone; it's taken a lot of hard work and training. Invest in yourself with the All-Access Pass.

Product ID: 396799
Published 2017
Purchase Options

Available in Multiple Formats

Purchase this course and learn on your schedule!