Understand the legal, accounting, and operational requirements of qualified social clubs recognized by the IRS.
This presentation will provide you with the differences between tax-exempt clubs and taxable clubs, as well as events that may cause loss of exempt status. The course will include a detailed discussion related to non-member income, which results in unrelated business taxable income and could result in disqualification for exemption, featuring an analysis of Revenue Procedure 71-17. For over 45 years, Revenue Procedure 71-17 has provided meaningful guidance on determining the effects of non-member income derived from the general public on 501(c)(7) exemption. Over that time, it remains relevant even though the tax law has changed, and additional guidance has augmented its guidance.
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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
Exemption Requirements
- Permissible Purposes
- Limitation on Membership
- Financial Support Requirements
- Prohibition on Discriminatory Provisions in Governing Instruments
- Process for Exemption
Considerations Relating to Non-Member Income
- Unrelated Business Taxable Income Implications
- Effect of Nonmember Income on Exempt Status
- Analysis of Revenue Procedure 71-17 and Subsequent Guidance
IRS Filing and Recordkeeping Requirements
- As an Exempt Organization Generally
- Special Rules for Clubs That Allow Nonmembers to Use Facilities
Sale of Club Assets
Dissolution of Social Clubs
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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 December 12, 2022.
Call 1-866-352-9540 for further credit information.
- AR CLE 1.0
- This course has been approved for 1.0 hours of CLE by the Arkansas CLE Board.
- Arizona CLE 1.0
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.0 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.0
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.0 CLE hours of participatory credit.
- CT CLE 1.0
- Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
- GA CLE 1.0
- This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.0 CLE hours.
- MO CLE 1.3
- This course qualifies for self-study CLE credit in Missouri.
- NH MCLE 1.1
- NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 65 Minutes.
- RI CLE 1.0
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.0 hours of CLE credit.
- VT CLE 1.0
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.0 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
- WA CLE 1.0
- This program has been approved by the Washington State Board of Continuing Legal Education for 1.0 hours of A/V credit under the Law & Legal Procedure category.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
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
Brett R. Harris, Esq.
Wilentz, Goldman & Spitzer, P.A.
- Business, nonprofit, and technology attorney, shareholder in the Woodbridge, New Jersey office of Wilentz, Goldman & Spitzer, PA
- Admitted to practice in the states of New Jersey and New York
- Has a corporate transactional practice, focusing on counseling charities, foundations, and other nonprofits on their exempt status, governance, and compliance, and handles intellectual property and cybersecurity matters
- Member of the Legal Working Group for the Center for Nonprofits, an umbrella organization for New Jersey 501(c)(3)s providing advocacy, resources, training, and information to strengthen nonprofits and help them thrive
- Appointed by New Jersey Supreme Court as a Trustee of The IOLTA Fund of the Bar of New Jersey, currently serving as Treasurer
- Serves on the Board of Trustees of the New Jersey Chapter of the Association of Fundraising Professionals, chairing the Chapter’s Government Relations and Advocacy Committee and is a Member of the Steering Committee for the Nonprofit Forum of Commerce and Industry Association of New Jersey
- Member of the Board of Trustees of the New Jersey Women Lawyers Association, serving as co-chair of the Grants/Charitable Giving Committee and previously General Counsel to the Association; director and past chair of the Business Law Section of the New Jersey State Bar Association; trustee of the New Jersey State Bar Association Women in the Profession Section; member of the New Jersey State Bar Association’s Bylaws and Resolutions Standing Committee and member of the American Bar Association’s Women Rainmakers Committee
- J.D. degree, New York University School of Law; B.A. degree, cum laude, Washington and Jefferson College
- Follow her on LinkedIn, Facebook, and Twitter @BrettHarrisEsq for posts on business and nonprofit matters, technology law, and issues of interest to professional women
- Can be contacted at [email protected] or 732-855-6122
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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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