Gain a better understanding of the lapse period filing requirements and associated planning steps.
Tax-exempt organizations sometime lose their tax-exemption. The impact of the loss of tax-exemption can have severe consequences for the organization's finances and potentially can adversely affect its contractual relationships and its status with government regulators. This topic will address the lapse period filing requirements and associated planning steps. The material explains the four avenues for reinstating federal exemption which set forth in Revenue Procedure 2014-11 starting with the streamlined retroactive reinstatement using Form 1023-EZ. It will also include the retroactive reinstatement within the 15 month window (of certain critical dates) and after the 15 month window and explores the requirements for the required Reasonable Cause Statements. Finally, it will introduce prospective reinstatement of federal exemption.
Learning Objectives
- You will be able to identify the fundamentals of exempt tax reporting
- You will be able to recognize the impact and remedies of Revocation
- You will be able to identify Proc 2014-11 Procedures
- You will be able to identify causes and corrections for Loss of Exemptions
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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
Loss of Federal Tax-Exempt Status
- Common Causes
- Automatic Loss of Exemption
- Revocation in Error
Impact of Revocation
- Actions During Lapse Period
- Notifications
- Filing Requirements
- Planning
Proc 2014-11 Procedures
- Federal Reinstatement: Critical Dates
- Streamlined Retroactive Reinstatement
- IRS Form 1023-EZ and Eligibility
- Retroactive Reinstatement Within 15 Months
- Reasonable Cause Statements
- Retroactive Reinstatement After 15 Months
- Prospective Reinstatement
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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 reviewed on July 25, 2023.
Call 1-866-352-9540 for further credit information.
No Credit AvailableThis 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
![Louis E. Michelson, Esq.](https://image.lorman.com/speaker/tr:w-144,h-216/2628006.jpg)
Louis E. Michelson, Esq.
Louis E. Michelson, A Professional Corporation
- Principal with Law Offices of Louis E. Michelson, A Professional Corporation
- Practice focuses on planning, charitable giving and other federal, state and local taxation issues for tax-exempt organizations
- He advises public charities, private foundations, religious and educational organizations, and other nonprofit organizations on issues of formation, management, joint ventures, planned giving and board governance
- Speaks regularly on nonprofit and tax exemption legal matters
- Lecturer at UCLA Extension on tax issues for nonprofit organizations
- Immediate past chair of the Nonprofit Organizations Committee of the Business Law Section of the California Lawyers Association
- J.D. degree, UCLA School of Law; M.S. degree in accountancy, DePaul University; B.A. Degree, with general honors, University of Chicago
- Can be contacted at 310-843-0700 or [email protected]
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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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