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How to Lose Exemption 1 Credit

Nov 19, 2024, 04:00 PM ET

How to Lose Exemption 1 Credit

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Nov 19, 2024, 04:00 PM ET

Learning Objective

  • To discuss the pros and cons of a separate nonprofit entity, and legal formation documents and provide practical suggestions.
  • To identify criteria for 501(c)(3) organizations.
  • To explain "Operated exclusively" for exempt purposes and analyze private inurement and benefit.
  • To explore available tax exemptions, differences between public charities and private foundations, and disclosure requirements on Form 1023.
  • to evaluate causes for loss of exemption, IRS and court rulings related, and causes for revocation of exemption.

Course Overview

Looking to unlock the secrets of tax exemption for nonprofit organizations? Curious about the available tax classifications and exemptions? Join us for an insightful CPE course where we will answer all your burning questions and provide you with a comprehensive overview of the requirements and classifications surrounding tax exemptions.

Have you ever wondered what it takes for a nonprofit organization to qualify for the coveted 501(c)(3) status? Want to understand the nuances of private inurement and private benefit? This webinar is your gateway to unraveling the complexities of tax exemption. We will guide you through the formation process and shed light on the federal exemption application, covering both the standard application (Form 1023) and the streamlined application (Form 1023-EZ). In addition, we will delve into the fascinating world of loss of the exemption, exploring inadvertent loss scenarios and real-life case studies that illustrate the denial and revocation of exemption.

This CE Tax Webinar will discuss how to lose the exemption for a non-profit entity including:

  1. Formation Issues: Separate legal existence; Corporate legal matters
  2. Exemption Requirements: Available Tax Exemptions; Criteria for 501(c)(3) organizations and “operate exclusively”; Prohibitions on private inurement and private benefit; and Political campaign intervention and lobbying restrictions
  3. Process of Obtaining Recognition of Tax Exemption: Available exemptions; Tax exemption questions and tax classifications; Federal exemption applications:  Form 1023 and Form 1023-EZ; and Organizations not qualified to use Form 1023-EZ
  4. Loss of Exemption: Inadvertent Loss of Exemption and reinstatement; and Case studies: court case, IRS Revenue Ruling, IRS Denial, and IRS Revocation

Don't miss this opportunity to expand your knowledge and ensure compliance with tax regulations. Register now for our engaging CPE webinar and empower yourself with the essential information needed to navigate the intricate landscape of tax exemptions for nonprofit organizations.

On Demand Credits for All Qualifications

Nano Credits for All Qualifications

On Demand Credits for All Qualifications

Live Webinar Credits for All Qualifications

License details Credits Status
Taxes for Certified Public Accountants (CPA-US) 1 CPE Approved
Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01568-23-S) 1 CE Approved
Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-01568-23-S) 1 CE Approved
Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1274) 1 CE Approved
Taxes for Delaware Licensed Public Accountant (DE-LPA) 1 CPE Eligible
Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01568-23-S) 1 CE Approved
Federal tax-related matters for LTC (Approval No. GEHNZ-T-01568-23-S) 1 CE Eligible
Taxes for Iowa Licensed Public Accountant (IA-LPA) 1 CPE Eligible
Taxes for Maine Licensed Public Accountant (ME-LPA) 1 CPE Eligible
Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01568-23-S) 1 CE Approved
License details Credits Status
Taxes for Certified Public Accountants (CPA-US) 1 CPE Approved
Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01568-23-S) 1 CE Approved
Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-01568-23-S) 1 CE Approved
Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1274) 1 CE Approved
Taxes for Delaware Licensed Public Accountant (DE-LPA) 1 CPE Eligible
Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01568-23-S) 1 CE Approved
Federal tax-related matters for LTC (Approval No. GEHNZ-T-01568-23-S) 1 CE Eligible
Taxes for Iowa Licensed Public Accountant (IA-LPA) 1 CPE Eligible
Taxes for Maine Licensed Public Accountant (ME-LPA) 1 CPE Eligible
Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01568-23-S) 1 CE Approved
License details Credits Status
Taxes for Certified Public Accountants (CPA-US) 1 CPE Approved
Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01568-23-S) 1 CE Approved
Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-01568-23-S) 1 CE Approved
Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1274) 1 CE Approved
Taxes for Delaware Licensed Public Accountant (DE-LPA) 1 CPE Eligible
Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01568-23-S) 1 CE Approved
Federal tax-related matters for LTC (Approval No. GEHNZ-T-01568-23-S) 1 CE Eligible
Taxes for Iowa Licensed Public Accountant (IA-LPA) 1 CPE Eligible
Taxes for Maine Licensed Public Accountant (ME-LPA) 1 CPE Eligible
Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01568-23-S) 1 CE Approved
License details Credits Status
Taxes for Certified Public Accountants (CPA-US) 1 CPE Approved
Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01568-23-O) 1 CE Approved
Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-01568-23-O) 1 CE Approved
Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1274) 1 CE Approved
Taxes for Delaware Licensed Public Accountant (DE-LPA) 1 CPE Eligible
Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01568-23-O) 1 CE Approved
Federal tax-related matters for LTC (Approval No. GEHNZ-T-01568-23-O) 1 CE Eligible
Taxes for Iowa Licensed Public Accountant (IA-LPA) 1 CPE Eligible
Taxes for Maine Licensed Public Accountant (ME-LPA) 1 CPE Eligible
Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01568-23-O) 1 CE Approved

Additional Information

Credit

1

Course Level

Basic

Instructional Method

QAS Self Study
Group Internet Based

Pre-requisites

None

Advance Preparation

None

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MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering aintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

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MY-CPE LLC (Sponsor Id#: 143597) 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.

About Instructor

Stay Ahead with Expert CE Courses by Louis Michelson
Louis Michelson

President, Louis E Michelson, A Professional Corporation

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Mr. Michelson received his B.A. Degree, with general honors from the University of Chicago, his M.S. in Accountancy from DePaul University and his J.D. degree from UCLA School of Law. He has been admitted to practice with the U.S. Tax Court and the United States District Court, Central District of California.

Mr. Michelson is Past Chair of the Nonprofit Organizations Committee of the Business Law Section of the California Lawyers Association. He has served as Chair of the Tax-Exempt Organizations Committee of the Taxation Section of the State Bar of California, as Co-Chair of the Nonprofit Organizations Committee of the Business Law Section of the State Bar of California and as Chair of the Taxation Section of the Los Angeles County Bar Association. In May 2001 he participated in the Los Angeles County/California State Bar delegation to the Internal Revenue Service, Treasury and staff of the Congressional tax committees in Washington D.C. to discuss proposed guidance, as set forth in a co-authored paper, “Getting Connected: Business and Politics of Charities on the Internet.”  Together with other attorneys, he assisted in reviewing and suggesting revisions to portions of the California Attorney General’s Guide to Charities. Mr. Michelson is a lecturer at UCLA Extension on tax issues for nonprofit organizations. He is also Adjunct Professor at David Nazarian College of Business and Economics California State University Northridge for a class on income taxation of trusts and estates. He has lectured for business and professional organizations and written articles on various federal and California tax topics. He is a member of the American, California, and Los Angeles County Bar Associations.

On Demand FAQs

What is Self Study (QAS)?

Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses approved by NASBA and other regulatory bodies?

Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Live Webinar FAQs

What is a Live Webinar Group Internet-Based Credit?

A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn credits through live webinars?

To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.

Are the live webinars approved by NASBA and other regulatory bodies?

Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.

What are the requirements to maintain compliance with live webinar courses?

To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.

How can I access my webinar completion certificates?

After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Reviews and Ratings

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Maria Cipriano, CPA (US)
5

The course summarized the information well and the format was easy to follow.

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5

The webinar was very informative and pertinent.

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