Must Know Tax Issues for Tax Exempt Organizations
Nick Preusch CPA, JD, LLM, is a tax manager with PBMares, LLP. Nick has participated in helping high wealth individual and large business entities with complex tax compliance, along with specializing in international, not-for-profit tax issues, and tax ethics issues.
Nick has also worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nick is a graduate of Carthage College with a BS in Accounting and Business, the University of Connecticut with an MA in Accounting, Case Western Reserve University with a JD, and Georgetown University with an LLM in taxation. Nick has also authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties, and Circular 230 Enforcement, published by Thomson Reuters. He has lectured nationally on topics such as ethics, complex tax transactions, and IRS practice and procedure.
Currently, Nick is an adjunct professor at the University of Mary Washington. Nick has been recognized as the Top 5 Under 35 CPAs in Virginia by the VSCPA in 2017, CPA Practice Advisor’s Top 40 Under 40 in 2018, and is a member of the VSCPA’s Tax Advisory Committee, and the AICPA’s Tax Practice and Responsibilities Committee.
This webinar will be the best guide to issue spotting potential problems a non-for-profit may come across and how to appropriately handle them. The IRS allows certain organizations to not pay taxes as long as they meet strict guidelines. Violating these guidelines can have strict and harsh ramifications for the non-for-profit and the people in charge of the organization.
This webinar will help to first properly classify the exempt organization in order to determine what kind of reporting requirements it may have and what kind of other responsibilities it may have.
Since the IRS allows exempt organizations to not pay taxes, there are strict rules to not allow the exempt organization to have unfair competition against regular businesses. These are their unrelated business income tax. This webinar will go deep into what is unrelated business income and what that means for the organization.
Self-dealing is another major issue that arises in exempt organizations, so we will discuss how to identify self-dealing along with what to do if self-dealing has occurred. We will also look at intermediate sanctions as well.
Several things could impact exempt organizations' exempt purposes. We will look at each of these along with things the organization can do to avoid losing its exempt status.
- Properly classify a public charity, private foundation, and private operating foundation
- Determine if the exempt organization has unrelated business income
- Determine if a charity has been self-dealing
- Look at investments that could jeopardize exempt purposes
- Know when intermediate sanctions may apply
Course Level - Basic/Intermediate
Who Should Attend
- Financial Professionals
- Controllers of NFPs
- Financial Consultants
Why Should You Attend
Tax-exempt organizations have many different rules they need to follow in order to keep their tax-exempt status and to avoid potential penalties for the people in charge of the exempt organization.
This webinar will go through the most important issues facing tax-exempt organizations from a tax standpoint. At the end of the webinar, you will be able to issue spot possible major issues facing a tax-exempt organization.