Identify and assess potential uncertain tax positions related to a nonprofit's exemption status and unrelated business income.
All business entities, including nonprofits, are subject to the disclosure of uncertain tax positions, but many nonprofit leaders are unaware of how this requirement impacts nonprofits. They are also not aware of the various types of uncertain tax positions that a nonprofit may need to evaluate for disclosure. This presentation will help the persons responsible for disclosure of uncertain tax positions for nonprofits recognize and evaluate potential uncertain tax positions related to the nonprofit's exemption status and unrelated business income.
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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
Overview of ASC 740 and Uncertain Tax Positions
- Introduction to ASC 740
- What Is an Uncertain Tax Position
- Determination of Uncertain Tax Position Disclosures
How Can a Nonprofit Have Uncertain Tax Positions
- Exemption Issues
- Unrelated Business Income/Activities
Exemption Issues
- Public Charity Status
- Compensation Issues
- Lobbying Activities
- Failure to Report Unrelated Business Income
- Focus on Generation of Unrelated Business Income
- Activities Unrelated to Originally Disclosed Basis of Exemption
Unrelated Business Income Tax
- Allocation of Expenses Against Unrelated Business Income
- Not Filing Income Tax Returns in Appropriate Jurisdictions
- Apportionment of Income in Other Jurisdictions
- Incorrect Classification of Program or Activity Loss to Offset Unrelated Business Income
Wrap Up
- Recap of How ASC 740 Affects Nonprofits
- Best Practices to Avoid Exemption Issues
- Best Practices to Avoid Unrelated Business Income Tax Issues
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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 May 23, 2023.
Call 1-866-352-9540 for further credit information.
- AIPB 1.0
- This program is acceptable for 1.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
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
Eric Hittle, CPA
Silver Spring Accounting LLC
- Principal, Silver Spring Accounting LLC
- Focus on outsourced accounting and advisory services for nonprofits
- Conducts webinars with ASAE, Lorman, and various firm and client-sponsored training
- AICPA, Maryland Nonprofits
- Master of Professional Accountancy
- Can be contacted at [email protected] or 406-209-7472
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