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Maintaining Tax Exemption for a Non-Profit Entity

  • ACCT/BK
  • AFSP
  • CRTP
  • CPA (US)
  • EA
  • HRCI
  • ORTP
  • Maryland Tax Prep.
  • CFIRS
  • CWS

Published: July, 2021

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Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Maintaining Exempt Status
    1 mins
  • Substantiation Requirements
    9 mins
  • Compensation and Intermediate Sanctions
    15 mins
  • Compensation Initiative
    28 mins
  • Employment Audits: Focus
    64 mins
  • California Secretary of State
    93 mins

Course Description

Exemption from federal income taxes is one of the privileges enjoyed by the vast majority of not-for-profits (NFPs). For charitable organizations, tax-exempt status also provides eligibility to receive tax-deductible contributions from donors. Failure to comply with federal laws and IRS reporting requirements can result in significant penalties and excise taxes at best, and loss of tax-exempt status at worst.

Annual financial reports must be submitted to the IRS and the California Franchise Tax Board to maintain a nonprofit organization’s tax-exempt status. The board of directors should review the corporation’s annual IRS and State filings before submitting. The nonprofit should hire a professional accountant to help implement a financial management system, addressing issues such as dual-signature requirements on bank accounts, regular review of monthly statements by the board, and an annual audit.

This CPE course reviews issues to be considered to maintain tax exemption for a non-profit entity in California State.

Following are the major topics covered in this Online CPE Webinar:

1.   Changes in Activity, Disclosure, and Substantiation

  • Public charity versus private foundation status
  • Disclosure requirements
  • Substantiation requirements
  • Lobbying and Political Campaigns

2.   Intermediate Sanctions and Compensation

  • Disqualified persons and deemed disqualified persons
  • Rebuttable presumption of Reasonableness, Comparability Data
  • Compensation Initiative and Employment Tax Audits
  • Compensation Planning

3.   California and Other State Matters

  • Securing state tax exemption
  • Suspended Exempt Entities and Consequences
  • Revocation and reinstating the exemption
  • California Secretary of State and Attorney General

Click to access more webinars on Latest Tax Updates | Trust & Estate Planning CPE | IRS Representation & Resolution CPE Webinars

Learning Objectives

  • To identify disqualified persons.
  • To discuss practical suggestions regarding disclosure requirements in California State.
  • To determine the substantiation requirements.
  • To recognize common mistakes on annual tax returns in California State.
  • To identify deemed disqualified persons and appropriate compensation planning as per California Policy.
  • To recognize the three elements for a rebuttable presumption of reasonableness.
  • To identify what Form 990 reporting triggers IRS inquiries.
  • To recognize causes for suspension for exempt entities in California and consequences.

Recommended For

  • This Online Continuing Education webinar is recommended for CPAs, EAs, Tax Preparers, and Other Tax Professionals who want to help their non-profit clients in maintaining tax exemption in California State.

Who Should Attend?

  • California Registered Tax Professional
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Maryland Tax Preparers
  • Non Profit Pros
  • Nonprofit Board Members
  • NonProfit CEOs
  • Nonprofit Executive Directors
  • Nonprofit Professionals
  • Oregon Tax Preparers
  • Tax Director (Industry)
  • Tax Firm
  • Tax Practitioners
  • Tax Preparer
  • Tax Pros
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 2 CE Credit for Enrolled Agents (EA) (Approval No. GEHNZ-T-00562-21-S)
  • 2 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 2 CE Credit for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0540)
  • 2 CE Credit for Annual Filing Season Program (AFSP)
  • 2 CE Credit for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00562-21-S)
  • 2 CE Credit for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00562-21-S)
  • 2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 2 CE Credit for Certified Wealth Strategist (CWS)
  • 2 General Credit for Accountant/Bookkeeper (ACCT./BK)
  • 2 RCH Credit of California for Human Resource Certification Institute (HRCI) (Approval No. 595060)

Additional details

  • Course Level :
    Basic
  • Credits :
    2
  • 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

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.
  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
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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.
  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

Ratings and Review

3.9

15 Ratings

Excellent

4

Very Good

6

Average

4

Poor

1

Terrible

0

CS

Cyd Seideman

Jul 27th, 2021

1/2 the course was geared to California TE law - relevance is questionable. First time user of system, and it had a glitch in getting the final quiz loaded. Frustrating so took much longer to complete than expected.

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