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New Form 1023 – Federal Exemption Application

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • EA
  • ORTP
  • Maryland Tax Preparer

Published: March, 2022

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  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Non-fixed compensation part V
    13 mins
  • Part v - Line 4 instruction
    21 mins
  • Grants, Loans or other distributions
    28 mins
  • Activities in foreign countries
    47 mins
  • Electronic signatures discussion points
    63 mins
  • Practical suggestions
    83 mins

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 on taxes 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)
  • 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 Federal tax-related matters for Annual Filing Season Program (AFSP)
  • 2 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0624)
  • 2 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 2 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-00658-21-S)
  • 2 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00658-21-S)
  • 2 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00658-21-S)
  • 2 General Credit of Taxes for Accountant/Bookkeeper/Tax Professionals

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

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Ratings and Review

4.3

7 Ratings

Excellent

2

Very Good

5

Average

0

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MJ

Melicent Jaridau, EA

Sep 7th, 2022

The information was relevant. Explained the topic covered very well.

New Form 1023 – Federal Exemption Application

PREMIUM

2 Credits

Subject Area

Taxes

Selfstudy Webinars