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Advantages and Disadvantages of a Non-Profit Charitable Entity and Other Alternatives

  • AFSP
  • CPA (US)
  • EA
  • Tax Preparer
  • CRTP

This Course is Also Available in Self Study (On-Demand)

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  • Course Description
  • Course Qualification
  • Presenter
  • Faq

Course Description

Course Description

Non-profits refer to organizations like public charities, foundations, churches, fraternal groups, and chambers of commerce, which are built to address a social purpose. They encompass a broad range of structures such as non-governmental organizations also called NGOs.

Non-governmental organizations tend to tackle larger causes, often on an international scale. In the U.S more than 1.5 million non-profits exist, according to the National Centre for Charitable Statistics (NCCS).2

Whether or not a cause will find success in raising funds and serving the public goodwill rely primarily on the decision to become a non-profit or for-profit entity.

There is much to consider when deciding to be a non-profit organization, it is not an automatic process. The first consideration you have to make is whether you should be a non-profit at all. 

This online CPE course introduces the issues that should be considered before one forms a non-profit entity.  It presents the advantages, both legal and practical, of selecting the non-profit entity. This online continuing education course also reviews the disadvantages of becoming a tax-exempt non-profit corporation, including prohibitions on private inurement and private benefit and the criteria for 501(c)(3) organizations.  

This IRS approved CE course introduces for-profit alternatives, the business corporation, social purpose corporations and benefit corporations.  Finally, it introduces non-profit alternatives to a stand-alone non-profit, including operating a branch of another non-profit and fiscal sponsorships.

This Online CPE/CE Webinar will discuss advantages and disadvantages of a non-profit charitable entity and other alternatives including:

  • Common myths about non-profits
  • Advantages, both legal and practical of non-profit entity selection
  • Legal issues, such as prohibition on private inurement and private benefit
  • Criteria for 501( c)(3) organizations
  • For-Profit Alternatives
  • Non-Profit Alternatives

Click here to access more tax webinars on | Tax Updates| IRS Audit, Representation and Resolutions

Learning Objectives

  • To identify common misunderstandings about non-profit organizations
  • To recognize advantages of non-profit entity selection
  • To recognize disadvantages of non-profit entity selection
  • To determine prohibited private inurement and private benefit
  • To identify criteria for 501(c)(3) organizations
  • To recognize the for-profit alternative to non-profit organizations
  • To identify origins and uses of social purpose corporations
  • To identify legal issues when using benefit corporations
  • To recognize another alternative:  a new branch of an existing non-profit 
  • To identify considerations when fiscal sponsorship is appropriate

Recommended For

  • This online IRS approved CE webinar is recommended for CPA, EA, AFSP, and Other Tax Professionals desiring to learn about non-profit organizations and its alternatives

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Annual Filing Season Program
  • California Registered Tax Professional
  • Certified Public Accountant
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Trust & Estate Tax Professional
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1 CE Credit of Taxes for Tax Professionals (Approval No. GEHNZ-T-00605-21-O)
  • 1 CE Credit of Taxes for Enrolled Agents (EA) (Approval No. GEHNZ-T-00605-21-O)
  • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1 CE Credit of Federal Tax Related Matters for California Registered Tax Preparers(CRTP) (Approval No. 6273-CE-0578)
  • 1 CE Credit of Taxes for Annual Filing Season Program (AFSP)

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.


Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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Ratings and Review

4.3

10 Ratings

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5

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4

Average

1

Poor

0

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0

KM

Kitti Mason, EA, Tax Pros

Dec 10th, 2021

My knowledge of the material prior to the class was minimal so I didn't really get anything from the class. As I work more with non-profits I could see coming back and retaking the class.

Advantages and Disadvantages of a Non-Profit Charitable Entity

$10

1 Credit

Subject Area

Taxes

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