An essential, timesaving guide for accountants, lawyers, nonprofit executives and directors, consultants, and volunteers – Completely updated for 2022
This book is an indispensable guide to navigating the complex maze of nonprofit tax rules and regulations. A clear and fully cited description of the requirements for the various categories of tax-exempt entities from public charities, private foundations, civic associations, business leagues, and social clubs to title-holding companies and governmental entities can be found. Practical guidance on potential for income tax on revenue-producing enterprises along with explanations of many exceptions to taxability is provided. Issues raised by Internet activity, advertising, publishing, providing services, and much more are explained.
This useful annual supplement for 2022 will cover any and all changes and updates to the law within the previous 12 month period and will keep accountants, attorneys, and others up-to-date for the year ahead.
Features a variety of sample documents for private foundations, including penalty abatement requests and sharing space agreements Provides helpful practice aids, such as a comparison of the differences between public and private charities, charts reflecting lobbying limits for different types of entities, and listings of rulings and cases that illustrate permissible activity for each type of organizations compared to impermissible activity
By:
Jody Blazek (Blazek Rogers and Vetterling)
Imprint: John Wiley & Sons Inc
Country of Publication: United States
Edition: 6th edition
Dimensions:
Height: 252mm,
Width: 178mm,
Spine: 13mm
Weight: 340g
ISBN: 9781119873631
ISBN 10: 1119873630
Pages: 208
Publication Date: 08 April 2022
Audience:
Professional and scholarly
,
Undergraduate
Format: Paperback
Publisher's Status: Active
Preface Part I QUALIFICATIONS OF TAX-EXEMPT ORGANIZATIONS Chapter 1 Distinguishing Characteristics of Tax-Exempt Organizations § 1.4 Role of the Internal Revenue Service § 1.8 Developments Responding to COVID-19 Chapter 2 Qualifying Under IRC § 501(c)(3) § 2.2 Operational Test Chapter 3 Religious Organizations § 3.2 Churches Chapter 4 Charitable Organizations § 4.1 Relief of the Poor § 4.3 Lessening the Burdens of Government § 4.5 Advancement of Education and Science § 4.6 Promotion of Health Chapter 5 Educational, Scientific, and Literary Purposes and Prevention of Cruelty to Children and Animals § 5.1 Educational Purposes Chapter 6 Civic Leagues and Local Associations of Employees: § 501(c)(4) § 6.2 Qualifying and Nonqualifying Civic Organizations Chapter 9 Social Clubs: § 501(c)(7) § 9.1 Organizational Requirements and Characteristics § 9.4 Revenue Tests Chapter 10 Instrumentalities of Government and Title-Holding Corporations § 10.6 Requirements for IRC §501(c)(8) and (c)(10) Chapter 11 Public Charities § 11.2 “Inherently Public Activity” and Broad Public Support: § 509(a)(1) § 11.5 Difference Between § 509(a)(1) and § 509(a)(2) § 11.9 Supporting Organization: §509(a)(3) Part II STANDARDS FOR PRIVATE FOUNDATIONS Chapter 12 Private Foundations—General Concepts § 12.4 Termination of Private Foundation Status Chapter 13 Excise Tax Based on Investment Income: IRC §4940 § 13.2 Capital Gains Chapter 14 Self-Dealing: IRC § 4941 § 14.2 Sale, Exchange, or Lease of Property § 14.5 Transactions That Benefit Disqualified Persons Chapter 15 Minimum Distribution Requirements: IRC § 4942 § 15.1 Assets Used to Calculate Minimum Investment Return § 15.2 Measuring Fair Market Value § 15.4 Qualifying Distributions Chapter 16 Excess Business Holdings and Jeopardizing Investments: IRC §§ 4943 and 4944 § 16.1 Excess Business Holdings § 16.2 Jeopardizing Investments Chapter 17 Taxable Expenditures: IRC § 4945 § 17.3 Grants to Individuals § 17.4 Grants to Public Charities Part III OBTAINING AND MAINTAINING TAX-EXEMPT STATUS Chapter 18 IRS Filings, Procedures, and Policies § 18.1 IRS Determination Process § 18.2 Annual Filing of Form 990 § 18.3 Reporting Organizational Changes to the IRS § 18.4 Weathering an IRS Examination Chapter 19 Maintaining Exempt Status § 19.1 Checklists Chapter 20 Private Inurement and Intermediate Sanctions § 20.2 Salaries and Other Compensation § 20.10 Intermediate Sanctions § 20.11 New § 4960 Excise Tax on Excess Compensation Chapter 21 Unrelated Business Income § 21.4 Definition of Trade or Business § 21.8 Unrelated Activities § 21.10 Income Modifications § 21.11 Calculating and Minimizing Taxable Income Chapter 23 Electioneering and Lobbying § 23.3 Tax on Political Expenditures Chapter 24 Deductibility and Disclosures § 24.1 Overview of Deductibility § 24.2 The Substantiation and Quid Pro Quo Rules § 24.3 Valuing Donor Benefits Chapter 25 Employment Taxes § 25.1 Distinctions Between Employees and Independent Contractors § 25.3 Reporting Requirements Chapter 27 Cryptocurrency § 27.1 What Is Cryptocurrency? § 27.2 What Are the Various Kinds of Cryptocurrency? § 27.3 Should Nonprofits Be Involved in Cryptocurrency? § 27.4 Cryptocurrencies and the Internal Revenue Service Index
