2024 MSCPA Annual Convention: Details

Tax Exempt Organizations - Operating, Organizing, and Preparing Forms

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Wednesday, August 7, 2024 @ 10:00am – 1:30pm
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Description

For tax-exempt organizations, it is not about calculating income tax. It is about showing to the IRS at inception and annually that the organization is entitled to be classified as a tax-exempt organization because of its purpose as reflected in its management and activities. Exempt organizations have unique tax rules and special forms. The IRS is especially sensitive to abuses of exempt status. From fundamentals needed to obtain exemption and to prepare Form 990, this program teaches what the informed accounting and finance professionals in public practice and inside a tax-exempt organization must know.

Prerequisites

None

Objectives

• Understand special filing requirements of exempt entities • Distinguish between charitable and other not-for-profit entities • Recognize unrelated business income • Prepare Form 1023, 1023-EZ, or 1024 and related schedules • Prepare Form 990, 990-EZ, and 990-N and related schedules • Be aware of traps and pitfalls that can lead to penalties or loss of exempt status

Preparation

None

Credits

Category Amount
Taxation 4.00