Gain a better understanding of the rules and requirements of operating a 501(c)(4).
An Internal Revenue Code section 501(c)(4) 'social welfare' organization gives greater flexibility than does a 501(c)(3) charity, but is also fraught with minefields (as demonstrated by the controversy surrounding the IRS’ handling of exemption applications from 'Tea Party' groups). Recently, Congress and the IRS added another: A new 501(c)(4) generally must notify the IRS of its existence and intended activities or else face penalties and even loss or denial of its tax-exempt status. This topic helps the persons responsible for forming and operating 501(c)(4)s to understand how to complete the notice (IRS Form 8976) and how and when to file it. The content also explains other aspects of forming and operating a 501(c)(4) organization – for example, lobbying; electioneering; whether and how to file a Form 1024 exemption application; protection of donor lists; and issues with 'affiliated' organizations like 501(c)(3)s and PACs. Failing to have a system in place to file the Form 8976 notice and address these other issues can result in monetary penalties and, even worse, denial or revocation of tax-exempt status. This topic is critical for persons organizing and operating 501(c)(4)s so they can institute and operate the appropriate internal controls.
Agenda
Faculty
Douglas W. Schwartz
Nossaman LLP
- Partner, Nossaman LLP, Los Angeles, California
- Specializes in tax matters (international, federal, state, and local) as they affect individual and compensation planning; business formations, transactions, and operations; 501(c)(3) charities, section 501(c)(4) social welfare organizations, 501(c)(25) holding companies, public pension systems, and other tax-exempt entities; and investments in different asset classes and investment vehicles
- Has a comprehensive understanding of the complex local, state, and federal laws and regulations that affect personal and business taxes for a wide variety of industries, including entertainment, internet, manufacturing, real estate, sports, nonprofit, and public agencies, and including advice on sales and use tax; Proposition 13; documentary transfer; and local business license taxes in addition to income and franchise taxes
- Conducts regular seminars and workshops on tax-exempt organizations (including “private foundation” versus “public charity” status, lobbying, and inter-organizational structures); issues in forming and operating “small” businesses and start-ups (e.g., S corporations and LLCs; passive activity loss rules; research and development credit); art law (e.g., charitable contributions and issues pertaining to artists, galleries and collectors); and issues affecting employers (e.g., Affordable care Act compliance, and tax treatment and reporting of employee settlements)
- Wrote articles in several publications including the NAPPA Report, Law360, Wealth-Managment.com, and California Trusts and Estates Quarterly on tax issues related to public pensions, art law, the IRS, bitcoin and wealth management
- Membership information: Los Angeles County Bar Association, secretary/Vice Chair/Chair, Entertainment Tax Committee, Taxation Section, 1999-2003; Executive Committee Member-At-Large and Chair of Annual Tax Night, 2004; Third Vice Chair, 2005-2006; Second Vice Chair, 2006-2007; First Vice Chair, 2007-2008; Chair-Elect, 2008-2009; Chair, 2009-2010. State Bar of California, Vice-Chair/Chair, Corporate Tax Committee, Taxation Section, 1994-1997; Articles Editor, California Tax Lawyer, 1997-2001; Member, Executive Committee, Taxation Section, 1998-2000; Vice Chair, Executive Committee, Taxation Section, 2001. President, the Princeton Club of Southern California 2001-02
- Named a Southern California "Super Lawyer" in 2010 - 2015 by Los Angeles magazine; achieved the highest rating in the Martindale-Hubbell Law Directory
- J.D. degree, Stanford Law School; B.A. degree, Princeton University
- Can be contacted at [email protected]
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