Scholarship Basics: Tax Compliance, Selection, and Supervision 1 Credit
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Jul 16, 2024 | 02:00 PM
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Section 4945 of the Internal Revenue Code imposes excise taxes on taxable expenditures made by private foundations, including certain grants and scholarships that do not meet specific requirements. We'll review the types of spending subject to these taxes and the criteria for exemptions, ensuring your organization remains compliant.
This webinar, led by Louis Michelson, a leading expert in tax law, reviews the Section 4945 excise taxes on taxable expenditures. It presents the different types of scholarships or grants to individuals made by 501(c)(3) organizations, with a focus on their practical application in your work. This CE Course examines the meaning of awarding scholarships on an “objective and nondiscriminatory basis.” It introduces the awarding of scholarships based on selection criteria and the guidelines for the persons making the selections, with illustrations of successful and non-successful scholarship programs. It explains the supervision requirements and how grantors must investigate diversions. Finally, it introduces record-keeping requirements and the content required in requests for approval of grant procedures.
Key topics covered in this course include:
Join this CE Course, it will give you an in-depth understanding of the regulations and best practices for 501(c)(3) organizations when awarding scholarships or grants to individuals.
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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.
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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 - fastest in the industry.
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