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General considerations4 mins
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Interested persons16 mins
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Self-Dealing: Are we good?27 mins
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Private foundation self-dealing excise tax30 mins
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Correction by self-dealer42 mins
Published: March, 2022
This CE/CPE webinar first reviews California non-profit 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 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.
Following are the major topics covered in this CE course:
In this CE/CPE tax webinar, the reporting of self-dealing both to the IRS and the Attorney General will also be reviewed.
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.
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.
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.
Advisor, 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.
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.
1 Ratings
1 Credit
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