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

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • EA
  • ORTP
  • MRTP
  • CFIRS
  • CWS

Published: August, 2021

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  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Myths
    2 mins
  • Disadvantages of Non-Profit Entity Selection
    11 mins
  • The For-Profit Alternative
    20 mins
  • Social Purpose Corporations - Special Purpose
    31 mins
  • Alternative: Branch of Existing Nonprofit
    46 mins

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 good will 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 nonprofit 
  • 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
  • Accounting Managers
  • California Registered Tax Professional
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Director of Accounting
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • Senior Accountant
  • Staff of Accounting Firm
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-00605-21-S)
  • 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 Federal tax-related matters for Annual Filing Season Program (AFSP)
  • 1 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00605-21-S)
  • 1 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00605-21-S)
  • 1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 1 CE Credit for Certified Wealth Strategist (CWS)
  • 1 General Credit for Accountant/Bookeeper

Additional details

  • Course Level :
    Basic
  • Credits :
    1
  • Instructional Method :
    QAS Self Study
  • 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

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.

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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Ratings and Review

4.1

10 Ratings

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3

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5

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2

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0

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0

MWJ

Marjorie Williams Jones, EA

Dec 11th, 2021

Quite good.

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