Tax Planning and Compliance for Tax-Exempt Organizations, Fifth Edition 2017 Cumulative Supplement
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More About This Title Tax Planning and Compliance for Tax-Exempt Organizations, Fifth Edition 2017 Cumulative Supplement

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The essential time-saving guide to the latest in nonprofit tax rules, regulations, and procedures

Tax rules and regulations change annually, and nonprofit organizations know that staying compliant means staying up to date. But wading through tax code is less than helpful in the field, whereas the clear, practically oriented instruction inside provides the quick reference accountants, lawyers, and executives need. In the latest edition of Tax Planning and Compliance for Tax-Exempt Organizations, you'll find straightforward information on changing Unrelated Business Income (UBI) rules, joint ventures, sponsorships, deductions against UBI, preparation of IRS forms, and more.

Nonprofit organizations—including health and welfare organizations, colleges and universities, private foundations, churches, libraries, museums, cultural institutions, and other smaller groups—contend daily with the possibility of losing their tax-exempt status. From qualifying and applying for that status, to maintaining and managing it, every nonprofit organization must plan and monitor ongoing procedures, activities, and forms to comply with federal, state, and local regulations. Access easy checklists for reporting, compliance, eligibility, and moreExamine sample bylaws, applications, and formsUtilize comparison charts and other visual aids for easy referenceReview bullet lists that compare what is and what is not acceptable

Tax Planning and Compliance for Tax-Exempt Organizations is an indispensable guide to navigating the complex maze of nonprofit tax rules and regulations.

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Preface ix

PART I QUALIFICATIONS OF TAX-EXEMPT ORGANIZATIONS 1

CHAPTER 2 Qualifying Under IRC § 501(c)(3) 3

*§ 2.2 Operational Test 3

*CHAPTER 3 Churches 5

§ 3.2 Churches 5

CHAPTER 4 Charitable Organizations 7

§ 4.2 Promotion of Social Welfare 7

*§ 4.3 Lessening Burdens of Government 7

§ 4.6 Promotion of Health 8

CHAPTER 5 Educational, Scientific, and Literary Purposes, and Prevention of Cruelty to Children and Animals 19

§ 5.1 Educational Purposes 19

§ 5.4 Testing for Public Safety 20

CHAPTER 6 Civic Leagues and Local Associations of Employees: § 501(c)(4) 21

§ 6.1 Comparison of (c)(3) and (c)(4) Organizations 21

*§ 6.2 Qualifying and Nonqualifying Civic Organizations 22

*§ 6.4 Neighborhood and Homeowner’s Associations 24

§ 6.5 Disclosures of Nondeductibility 24

CHAPTER 8 Business Leagues: § 501(c)(6) 25

§ 8.2 Meaning of “Common Business Interest” 25

§ 8.3 Line of Business 25

*§ 8.4 Rendering Services for Members 26

CHAPTER 9 Social Clubs: § 501(c)(7) 27

*§ 9.1 Organizational Requirements and Characteristics 27

§ 9.4 Revenue Tests 28

CHAPTER 10 Instrumentalities of Government and Title-Holding Organizations 29

§ 10.2 Governmental Units 29

*§ 10.3 Qualifying for § 501(c)(3) Status 29

CHAPTER 11 Public Charities 33

§ 11.1 Distinction between Public and Private Charities 33

*§ 11.2 “Inherently Public Activity” and Broad Public Support § 509(a)(1) 33

§ 11.6 Supporting Organizations § 509(a)(3) 36

PART II STANDARDS FOR PRIVATE FOUNDATIONS 47

CHAPTER 12 Private Foundations—General Concepts 49

§ 12.2 Special Rules Pertaining to Private Foundations 49

§ 12.4 Termination of Private Foundation Status 50

CHAPTER 13 Excise Tax Based on Investment Income: IRC § 4940 55

*§ 13.2 Capital Gains 55

CHAPTER 14 Self-Dealing: IRC § 4941 57

§ 14.1 Definition of Self-Dealing 57

*§ 14.2 Sale, Exchange, or Lease of Property 58

§ 14.3 Loans 60

§ 14.4 Compensation 61

§ 14.5 Transactions That Benefit Disqualified Persons 62

*§ 14.7 Sharing Space, People, and Expenses 63

*§ 14.8 Indirect Deals 64

§ 14.9 Property Held by Fiduciaries 65

§ 14.10 Issues Once Self-Dealing Occurs 65

CHAPTER 15 Minimum Distribution Requirements: IRC § 4942 67

§ 15.1 Assets Used to Calculate Minimum Investment Return 67

§ 15.2 Measuring Fair Market Value 68

*§ 15.4 Qualifying Distributions 68

§ 15.6 Satisfying the Distribution Test 77

CHAPTER 16 Excess Business Holdings and Jeopardizing Investments: IRC §§ 4943 and 4944 81

§ 16.1 Excess Business Holdings 81

§ 16.2 Jeopardizing Investments 83

§ 16.3 Program-Related Investments 84

§ 16.4 Penalty Taxes 86

CHAPTER 17 Taxable Expenditures: IRC § 4945 87

§ 17.1 Lobbying 87

*§ 17.3 Grants to Individuals 88

*§ 17.4 Grants to Public Charities 91

*§ 17.5 Grants to Foreign Organizations 94

§ 17.8 Excise Tax Payable 126

PART III OBTAINING AND MAINTAINING TAX-EXEMPT STATUS 127

CHAPTER 18 IRS Filings, Procedures, and Policies 129

*§ 18.1 Determination Process 129

*§ 18.2 Annual Filing of Forms 990 141

§ 18.3 Reporting Organizational Changes to the IRS 148

§ 18.4 Weathering an IRS Examination 149

*§ 18.5 When an Organization Loses its Tax-Exempt Status 150

CHAPTER 19 Maintaining Exempt Status 169

§ 19.1 Checklists 169

CHAPTER 20 Private Inurement and Intermediate Sanctions 175

§ 20.1 Defining Inurement 176

§ 20.2 Salaries and Other Compensation 177

*§ 20.4 Finding Salary Statistics 177

§ 20.8 Services Rendered for Individuals 178

§ 20.10 Intermediate Sanctions 178

CHAPTER 21 Unrelated Business Income 179

§ 21.1 IRS Scrutiny of Unrelated Business Income 179

§ 21.4 Definition of Trade or Business 180

§ 21.5 What Is Unrelated Business Income? 180

*§ 21.7 “Substantially Related” 180

*§ 21.8 Unrelated Activities 182

§ 21.10 Income Modifications 185

*§ 21.11 Calculating and Minimizing Taxable Income 186

§ 21.12 Debt-Financed Property 187

§ 21.13 Museums 188

§ 21.15 Publishing 188

CHAPTER 23 Electioneering and Lobbying 189

§ 23.1 Election Campaign Involvement 189

§ 23.2 Voter Education versus Candidate Promotion 189

CHAPTER 24 Deductibility and Disclosures 191

*§ 24.1 Overview of Deductibility 191

§ 24.2 Substantiation and Quid Pro Quo Rules 195

CHAPTER 25 Employment Taxes 197

§ 25.2 Ministers 197

Index 201

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