Be aware of potential filing and reporting obligations and be equipped to comply with them.
Nonprofit organizations, and particularly private foundations, are subject to a bewildering array of federal excise taxes designed to regulate their behavior. Congress continually adds new excise taxes for this purpose. The rules for navigating these excise taxes become denser and denser, and the IRS has been stepping up compliance through audit activity. This combination of more complexity, more compliance, and great potential penalties is a potentially toxic brew for the unprepared nonprofit organization and its tax advisors. This topic will help persons who deal with nonprofit organizations that are subject to excise tax regimes be aware of potential filing and reporting obligations and be equipped to comply with them.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Form 4720 Basics
- What Is a "Private Foundation"?
- How Do the Foundation Excise Taxes Work?
- What Are the Other Reportable Excise Taxes?
Outline of Chapter 41 of the Internal Revenue Code
- Code Section 4911
- Code Section 4912
Outline of Chapter 42 of the Internal Revenue Code
- Subchapter A - Private Foundation Taxes
- Subchapter C Political Expenditures
- Subchapter D Failure to Meet Certain Organizational Requirements
- Subchapter H Excess Executive Compensation
What Transactions and Actions Result in a Form 4720 Filing Requirement
- Self-Dealing
- Undistributed Income
- Excess Business Holdings
- Jeopardizing Investments
- Taxable Expenditures
- Other Situations
Filing Form 4720
- Taxes on Organizations (Part I)
- Taxes on Managers (Part II-a)
- The Schedules
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on August 3, 2023.
Call 1-866-352-9540 for further credit information.
- AIPB 1.5
- This program is acceptable for 1.5 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
Enrolled Agents 1.0
- In accordance with the standards set forth in Circular 230 section 10.6, CE credits have been granted based on a 50-minute hour. This program qualifies for 1.0 Continuing Education Credit(s) for enrolled agents.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Michael Lehmann
Dechert LLP
- Partner in the New York and Philadelphia offices of Dechert LLP, has practiced tax law and non-profit organizations law for over 32 years
- Practice emphasizes multiple aspects of federal tax law, including extensive representation of private foundations and other nonprofit organizations ranging from small community based nonprofits to global foundations managing billions of dollars of assets
- Conducts regular seminars and workshops on numerous tax and state law topics applicable to nonprofit organizations
- Education: AB, Brown University; JD, Columbia University; LL.M. (Taxation), New York University
- Membership information: New York and Pennsylvania Bars; Tax Court Bar; NY Bar Association; American Bar Association
- Can be contacted at [email protected] or 212-698-3803 or 215-994-3803
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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