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Addressing Self-Dealing in California Law and Federal Excise Taxes

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • EA
  • ORTP
  • MRTP
  • CFIRS
  • CWS
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

This online CPE webinar first reviews California nonprofit laws on self-dealing, including fiduciary duties of directors, what constitutes a self-dealing transaction, who approves self-dealing transactions and when this approval should be done.  The second main focus is on the federal excise taxes on self-dealing:  both on private foundations and public charities.

For private foundations, the elements of a self-dealing are discussed, followed by examples of self-dealing and the different levels of tax, on whom are the taxes assessed and the correction, if possible.  The reporting of self-dealing both to the IRS on Form 990 and Schedules R and L and the Attorney General on the Regulatory Renewal Fee Report will be reviewed.

For public charities, the definition of excess benefit transactions and disqualified persons will be discussed, establishing a rebuttable presumption of reasonableness, the amount of the excise taxes, and what corrections may be done.

This Online Tax Webinar will discuss California non-profit law on self-dealing and federal excise taxes including:

I.     California non-profit law on self-dealing

A.    Fiduciary duties

B.    Duty of Care

1.       Standard of Care

2.       Delegation and Limitations

C.    Duty of Loyalty

1.       Board composition:  49% rule

2.       Interested persons

3.       Conflict of Interest Policy

D.    Self-dealing Under California Nonprofit Law

1.       What are not self-dealing transactions

2.       Approval of transactions

3.       Recovery of Damages

 

II.    Federal Excise Taxes

A.    Public or Private Status

B.    Private Foundations

1.       Elements of Self-Dealing

2.       Self-dealing Transactions

3.       Determining the amount of self-dealing

4.       Three Tiers of Self-Dealing Taxes

5.       Correction by self-dealer

6.       Foundation manager tax

7.       Reporting to AG and IRS

C.    Public Charities

1.       Excess Benefit Transactions

2.       Disqualified Persons

3.       Rebuttable Presumption of Reasonableness

4.       Amounts of Penalties

5.       Correction of excess benefit transactions

a.    Before third-party involvement

b.    After third-party involvement

6.       Reporting to AG and IRS

 

In this CE/CPE tax webinar, the reporting of self-dealing both to the IRS and the Attorney General will also be reviewed.

Here is the link to your interests: Tax Courses | CTEC Approved CE Courses

Learning Objectives

  • To identify the two fiduciary duties of directors. 
  • To recognize the standard of care expected of directors.
  • To identify the basic rule of the duty of loyalty.
  • To recognize what constitutes a self-dealing transaction under California law.
  • To identify who can approve self-dealing and who has the standing to sue for damages.
  • To recognize whether the organization is a private foundation or a public charity.
  • To identify the elements of a self-dealing transaction under the self-dealing excise tax.
  • To recognize self-dealing transactions under federal excise tax laws.
  • To recognize the different tiers of self-dealing taxes and possible corrective actions.
  • To identify excess benefit transactions and disqualified persons.
  • To identify the elements needed to establish the rebuttable presumption of reasonableness.
  • To recognize the possible corrective actions for excess benefit transactions.

Recommended For

  • This IRS-approved CE webinar is recommended for CPA, EA, AFSP, CRTP, MRTP, ORTP, and other tax professionals desiring to upgrade their knowledge of California Nonprofit Law and Federal Excise Taxes.

Who Should Attend?

  • Bookkeepers & Accountants & Tax Preparers
  • California Registered Tax Professional
  • Certified Public Accountant (CPA)
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 2 General Credit for Accountant/Bookkeeper/Tax Professionals
  • 2 CE Credit of Federal tax-related matters for Annual Filing Season Program (AFSP)
  • 2 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0980)
  • 2 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 2 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01184-22-O)
  • 2 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01184-22-O)
  • 2 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01184-22-O)
  • 2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 2 CE Credit for Certified Wealth Strategist (CWS)

Additional details

  • Course Level :
    Basic
  • Credits :
    2
  • Instructional Method :
    Group Internet Based
  • Pre-requisites :
    None
  • Advance Preparation :
    None

IRS APPROVED

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 maintenance 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.

NASBA APPROVED

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

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 through its website: www.NASBARegistry.org.

CTEC APPROVED

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

MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

Presenter

About Presenter

Louis Michelson

President, Louis E Michelson, A Professional Corporation

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.

About Company

Louis E Michelson, A Professional Corporation

lemtax.com/

Louis E. Michelson focuses his practice on income tax planning, charitable giving and other federal, state and local taxation issues for individuals, corporations and tax-exempt organizations.

Mr. Michelson advises public charities, private foundations, religious and educational organizations, and other nonprofit organizations on issues of formation, management, joint ventures, planned giving and board governance. He also has extensive experience with income tax planning for business transactions and estate planning.


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Addressing Self-Dealing in California Law and Federal Excise Taxes

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