Tax Planning and Compliance for Tax-Exempt Organizations 2016 Cumulative Supplement

Tax Planning and Compliance for Tax-Exempt Organizations 2016 Cumulative Supplement

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An essential, timesaving guide for accountants, lawyers, nonprofit executives and directors, consultants, and volunteers, the Tax Planning and Compliance for Tax-Exempt Organizations: Rules, Checklists, and Procedures, Fifth Edition is an indispensable guide to navigating the complex maze of nonprofit tax rules and regulations. Along with clear, concise instructions for filing Forms 990 and other important IRS forms and documents, this practical guide covers the significant issues facing nonprofit organizations, including unrelated business income, private inurement, affiliations, and employment taxes. It also provides practical guidance on obtaining the tax exemption; reporting to boards, auditors, and the IRS; testing ongoing tax compliance; and managing lobbying expenditure.
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Product details

  • Paperback | 208 pages
  • 178 x 251 x 15mm | 330g
  • John Wiley & Sons Inc
  • New York, United States
  • English
  • Revised
  • 5th Revised edition
  • 1119206693
  • 9781119206699

Table of contents

Preface ix PART I QUALIFICATIONS OF TAX-EXEMPT ORGANIZATIONS 1 CHAPTER 2 Qualifying Under IRC 501(c)(3) 3 * 2.2 Operational Test 3 CHAPTER 4 Charitable Organizations 5 4.2 Promotion of Social Welfare 5 4.3 Lessening Burdens of Government 5 4.6 Promotion of Health 6 CHAPTER 5 Educational, Scientific, and Literary Purposes, and Prevention of Cruelty to Children and Animals 17 5.1 Educational Purposes 17 5.4 Testing for Public Safety 18 CHAPTER 6 Civic Leagues and Local Associations of Employees: 501(c)(4) 19 6.1 Comparison of (c)(3) and (c)(4) Organizations 19 6.2 Qualifying and Nonqualifying Civic Organizations 20 * 6.4 Neighborhood and Homeowner s Associations 21 6.5 Disclosures of Nondeductibility 22 CHAPTER 8 Business Leagues: 501(c)(6) 23 8.2 Meaning of Common Business Interest 23 8.3 Line of Business 23 8.4 Rendering Services for Members 24 CHAPTER 9 Social Clubs: 501(c)(7) 25 9.4 Revenue Tests 25 CHAPTER 10 Instrumentalities of Government and Title-Holding Organizations 27 * 10.2 Governmental Units 27 10.3 Qualifying for 501(c)(3) Status 27 CHAPTER 11 Public Charities 29 11.1 Distinction between Public and Private Charities 29 11.2 Inherently Public Activity and Broad Public Support 509(a)(1) 29 11.6 Supporting Organizations 509(a)(3) 31 PART II STANDARDS FOR PRIVATE FOUNDATIONS 43 CHAPTER 12 Private Foundations General Concepts 45 12.2 Special Rules Pertaining to Private Foundations 45 12.4 Termination of Private Foundation Status 46 CHAPTER 13 Excise Tax Based on Investment Income: IRC 4940 51 13.2 Capital Gains 51 CHAPTER 14 Self-Dealing: IRC 4941 53 14.1 Definition of Self-Dealing 53 14.2 Sale, Exchange, or Lease of Property 54 14.3 Loans 56 * 14.4 Compensation 57 14.5 Transactions That Benefit Disqualified Persons 58 14.7 Sharing Space, People, and Expenses 58 14.9 Property Held by Fiduciaries 59 14.10 Issues Once Self-Dealing Occurs 59 CHAPTER 15 Minimum Distribution Requirements: IRC 4942 61 15.1 Assets Used to Calculate Minimum Investment Return 61 15.2 Measuring Fair Market Value 62 15.4 Qualifying Distributions 62 15.6 Satisfying the Distribution Test 70 CHAPTER 16 Excess Business Holdings and Jeopardizing Investments: IRC 4943 and 4944 75 16.1 Excess Business Holdings 75 16.2 Jeopardizing Investments 77 16.3 Program-Related Investments 78 16.4 Penalty Taxes 80 CHAPTER 17 Taxable Expenditures: IRC 4945 81 * 17.1 Lobbying 81 17.3 Grants to Individuals 82 17.4 Grants to Public Charities 85 17.5 Grants to Foreign Organizations 87 * 17.8 Excise Tax Payable 88 PART III OBTAINING AND MAINTAINING TAX-EXEMPT STATUS 115 CHAPTER 18 IRS Filings, Procedures, and Policies 117 18.1 Determination Process 117 18.2 Annual Filing of Forms 990 128 18.3 Reporting Organizational Changes to the IRS 134 18.4 Weathering an IRS Examination 134 CHAPTER 19 Maintaining Exempt Status 155 19.1 Checklists 155 CHAPTER 20 Private Inurement and Intermediate Sanctions 161 20.1 Defining Inurement 162 20.2 Salaries and Other Compensation 163 20.8 Services Rendered for Individuals 163 20.10 Intermediate Sanctions 163 CHAPTER 21 Unrelated Business Income 165 21.1 IRS Scrutiny of Unrelated Business Income 165 * 21.4 Definition of Trade or Business 166 21.5 What Is Unrelated Business Income? 166 21.7 Substantially Related 166 21.8 Unrelated Activities 167 21.10 Income Modifications 170 21.11 Calculating and Minimizing Taxable Income 171 21.12 Debt-Financed Property 172 21.13 Museums 173 21.15 Publishing 173 CHAPTER 23 Electioneering and Lobbying 175 23.1 Election Campaign Involvement 175 23.2 Voter Education versus Candidate Promotion 175 CHAPTER 24 Deductibility and Disclosures 177 * 24.1 Overview of Deductibility 177 24.2 Substantiation and Quid Pro Quo Rules 180 CHAPTER 25 Employment Taxes 181 25.2 Ministers 181 Index 185
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