OasisLMS

Most NFPs are founded to provide a certain public benefit. Typically, though not always, their activities are recognized as tax-exempt under federal law.

Charitable organizations are the most numerous and well-known entities that are tax-exempt. As such, this course focuses primarily on compliance fundamentals for charitable organizations, including some prominent state issues. It also provides some insight into the issues affecting various other exempt organizations, such as business leagues, civic organizations, and fraternal organizations.

Learning Outcomes

• Recall the criteria for tax-exempt status.
• Recognize the function of the public support test.
• Identify the IRS filing requirements for tax-exempt organizations.
• Recognize the basic compliance requirements of various types of tax-exempt organizations.
• Identify state and local tax compliance issues.

Key Topics

• Exempt organizations
• The public support test
• Required filings
• Ongoing compliance
• State and local filing requirements

Who Will Benefit

• New accountants interested in the basics of tax and compliance requirements that apply to tax-exempt, not-for-profit entities.
• Experienced accountants who are new to the not-for-profit industry or are in need of a refresher on tax and compliance requirements that apply to tax-exempt, not-for-profit entities.