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IRS Form 4720 Reporting Updates

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.

Runtime: 91 minutes
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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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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

OnDemand Webinar

This course was last revised on August 6, 2019.

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

  • 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).
     

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

Audio & Reference Manual

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

MP3 Download

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

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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
Tiffany Nicholson

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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Product ID: 405348
Published 2019
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