New Form 1023 – Federal Exemption Application CPE Course

Course Description
Course Qualification
Presenter
Faq

Course Description

Charities need to obtain recognition of their tax-exempt status from the Internal Revenue Service.

Unless an exception applies, an organization wishing to obtain tax-exempt status under Code Sec. 501(c)(3) must file a Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code. If the IRS accepts the application, the IRS will issue a determination letter recognizing the organization’s tax-exempt status.

The IRS revised Form 1023, Additionally, the IRS now requires that Form 1023 be filed electronically with the IRS. Completing this form can be a daunting task because of the legal and tax technicalities you'll need to understand. This online CE course will introduce you how to prepare the Form 1023 and how to successfully navigate the technical challenges when submitting an electronic application.

In this CPE course the speaker Louis Michelson examines selected questions, such as compensation and non-fixed compensation, operations and activities in foreign countries, and explains resources that can assist in completing these questions. He presents technical filing matters, including the attachments to the filing, electronic signature, payment of user fees and resources for resolving technical difficulties.

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

Overview of the Electronic Filing and the New Form
Completion requirement
Pay.gov features
NTEE codes and Joint Ventures
Compensation and Non-Fixed Compensation
Grants, Loans or Other Distributions: Domestic and Foreign Organizations
Technical Electron Filing Matters
Attachments to Form 1023 and Transition Rules
Electronic Signatures and Pay.gov Accounts
Resolving Technical Difficulties
IRS Instructions, Video Tutorials and PDF transcripts
IRS Relief if missed filing deadline
Practical suggestions

Learning Objectives

To describe the new electronic filing requirement
To determine how to address selected questions on the new form
To identify usefulness of EO Specialist Questions that pertain to Form 1023 questions.
To recognize properly prepared attachments for Form 1023
To identify who are the proper signers for the electronic Form 1023
To advise and plan for use of pay.gov accounts
To identify resources for efficient and compliant Form 1023 filings

Recommended For

This IRS-Approved CE course is recommended for CPAs, EAs, AFSPs, Tax Practitioners, and Other Tax Professionals working for 501 (C)(3) tax-exempt Organizations.

Who Should Attend?

Annual Filing Season Program
Bookkeepers & Accountants & Tax Preparers
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
Young CPA

Course Qualification

Webinar Qualifies For

2 CE Credit of Taxes for Tax Professionals (Approval No. GEHNZ-T-00658-21-O)
2 CE Credit of Taxes for Enrolled Agents (EA) (Approval No. GEHNZ-T-00658-21-O)
2 CPE Credit of Tax for Certified Valuation Analyst (CVA)
2 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
2 CE Credit of Federal Tax Related Matters for California Registered Tax Preparers(CRTP) (Approval No. 6273-CE-0624)
2 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

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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.
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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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