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Live Webinar

90-minute live streaming program
  • August 6
  • 1:00 - 2:30 pm EST

IRS Form 4720 Reporting Updates

August 6

Nonprofit organizations, and particularly private foundations, are subject to a bewildering array of federal excise taxes designed to regulate their behavior.

Nonprofit organizations, and particularly private foundations, are subject to a bewildering array of federal excise taxes designed to regulate their behavior. Congress continually adds new excise taxes for this purpose. The rules for navigating these excise taxes become denser and denser, and the IRS has been stepping up compliance through audit activity. This combination of more complexity, more compliance and great potential penalties is a potentially toxic brew for the unprepared nonprofit organization and its tax advisors. This topic will help persons who deal with nonprofit organizations that are subject to excise tax regimes be aware of potential filing and reporting obligations and be equipped to comply with them.

Learning Objectives

  • You will be able to describe the persons who may have Form 4720 filing requirements.
  • You will be able to identify major complex compliance requirements.
  • You will be able to explain how to comply with the Form 4720 filing requirements.
  • You will be able to review the key components of a Form 4720 filing.

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Over 32 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

Form 4720 Basics
  • What Is a Private Foundation?
  • How Do the Foundation Excise Taxes Work?
  • What Are the Other Reportable Excise Taxes?
Outline of Chapter 41 of the Internal Revenue Code
  • Code Section 4911
  • Code Section 4912
Outline of Chapter 42 of the Internal Revenue Code
  • Subchapter a – Private Foundation Taxes
    • SelfDealing
    • Undistributed Income
    • Excess Business Holdings
    • Jeopardizing Investments
    • Taxable Expenditures
  • Subchapter C – Political Expenditures
  • Subchapter D – Failure to Meet Certain Organizational Requirements
  • Subchapter H – Excess Executive Compensation
What Transactions and Actions Result in a Form 4720 Filing Requirement
  • Self-Dealing
  • Undistributed Income
  • Excess Business Holdings
  • Jeopardizing Investments
  • Taxable Expenditures
  • Other Situations
Filing Form 4720
  • Taxes on Organizations (Part I)
  • Taxes on Managers (Part II-A)
  • The Schedules
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Why Lorman?

Over 32 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

Live Webinar Registration

  • AIPB 1.5
     
  • This program is acceptable for 1.5 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • Enrolled Agents 1.0
     
  • This program qualifies for 1.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     
  • CPE 1.8 including Specialized Knowledge 1.8
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Specialized Knowledge for 1.8 hours. Prerequisite: basic knowledge of taxation. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     
  • Lorman Business Center, Inc. is a registered provider for CPA CPE through the State Education Department of New York, Sponsor number: 000640. The following course will carry the subject area of Specialized Knowledge and Applications for 1.5 hours.
     

Who should attend?

This live webinar is designed for accountants, tax managers, CPAs, presidents, vice presidents, business owners and managers, CFOs, controllers, enrolled agents, CEOs and finance directors.

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Why Lorman?

Over 32 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

Michael Lehmann

Michael Lehmann

Dechert LLP

  • Partner in the New York and Philadelphia offices of Dechert LLP, has practiced tax law and nonprofit organizations law for over 32 years
  • Practice emphasizes multiple aspects of federal tax law, including extensive representation of private foundations and other nonprofit organizations ranging from small community-based nonprofits to global foundations managing billions of dollars of assets
  • Conducts regular seminars and workshops on numerous tax and state law topics applicable to nonprofit organizations
  • Member of New York and Pennsylvania Bars; Tax Court Bar; NY Bar Association; American Bar Association
  • LL.M. degree in Taxation, New York University; J.D. degree, Columbia University; A.B. degree, Brown University
  • Can be contacted at [email protected], 212-698-3803 or 215-994-3803
No photo available

Tiffany Nicholson

Dechert LLP

  • Associate in the Philadelphia office of Dechert LLP, specializing in private foundation administration and charitable giving
  • Member of Pennsylvania and New Jersey Bars
  • J.D. degree, Temple University; B.A. degree, University of Florida
  • Can be contacted at [email protected] or 215-994-2229
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Why Lorman?

Over 32 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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Product ID: 405348
Published 2019
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