Walk through essential compliance regulations and identify pitfalls that can jeopardize an organization's tax-exempt status.
Many organizations lack a clear understanding of the rules and responsibilities associated with acquiring, maintaining and terminating tax-exempt status. Every year, hundreds of nonprofit organizations face swift penalties and possible revocation because of lack of knowledge concerning compliance issues. This topic will help practitioners provide practical guidance to their clients regarding rules and responsibilities governing tax-exempt organizations.
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Why Lorman?
Over 35 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
Applying for Tax-Exempt Status
- Governing Entity Documents and Amendments
- State Level Nonprofit Classification (No Tax Exemption)
- Exempt Purpose and Dissolution Clause
- Applying for EIN (Employer Identification Number)
- Public Charity vs. Private Foundation
Compliance Before Exemption Is Recognized
- Filing Returns - Form 990, Form 990-EZ and Form 990-N
- Receiving Contributions
- State Solicitation Statutes
Maintaining Tax-Exempt Status After Exemption Is Recognized
- Mandatory Annual Returns (Penalties and Revocation)
- Unrelated Business Income
- Activities That Jeopardize Tax-Exempt Status
- Record Keeping and Required Public Disclosures
- Employee Related Issues (Withholding Requirements, FICA vs. FUTA)
Terminating a Tax-Exempt Organization
- Winding Down
- Notice Requirements
- Distribution of Assets
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Why Lorman?
Over 35 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 Course
This course was last revised on July 17, 2019.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 35 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
Debra L. Scott
The Scott Practice, LLC
- Lawyer and nonprofit consultant for the Atlanta-based law firm, The Scott Practice, LLC
- She began her legal career working for a trusts and estates boutique law firm in 1995 before becoming a relationship manager for the Private Bank at Bank of America
- As a relationship manager, she was responsible for managing Bank of America’s first donor-advised fund along with private foundation accounts and special needs trusts
- In 2000, she established The Scott Practice, LLC where she represents clients concerning fiduciary disputes and estates and trusts matters
- With over 20 years of experience, she introduced a new nonprofit consulting division to the firm called SP Consulting
- Has worked with various nonprofit organizations such as The Emory Clinic and Nature Abounds
- J.D. degree, Syracuse University College of Law; M.A. degree in public health with a concentration in health management, Emory University; bachelor’s degree in political science, University of California, Riverside
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Why Lorman?
Over 35 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.
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