Qualifying and Maintaining 501(c) Exempt Organizations
This course road-maps the impact of the federal tax mandates that apply to not-for-profit, tax-exempt organizations. In a user-friendly real world perspective, Ms. Borenstein addresses the pros and cons of holding exempt status, the underlying qualification mandates for the most common 501(c) exemption categories, pertinent annual filing and disclosure requirements, tips on applying for exemption recognition (including working with the Form 1023 Application for 501(c)(3) Recognition - revised in 2004), and highlights on operational pitfalls to avoid.
Major Subjects/Highlights:
- Assisting established and fledgling organizations in weighing the benefits versus disadvantages of tax-exempt status
- Criteria for qualifying under the major §501(c) classifications (including qualifying 501(c)(3) organizations as nonprivate foundations)
- Choosing the basis for sought exempt status; especially comparing §501(c)(3) versus §501(c)(4)
- Overview of annual filing requirements and public inspection mandates for all exempt organizations
- Form 1023 (reflecting the Forms' complete 2004 makeover and updates since) -- Application for recognition under §501(c)(3): strategic approach to required "Narrative of Activities", overview of all "red flag" questions
- Forms 1023 AND 1024 -- Board/Officer structuring needs, private inurement flags to avoid, full disclosure requirements
- Basic primer to the unrelated business income tax (UBIT) scheme
Level: Basic & Intermediate
CPE Credit: 8 hours
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