Go to the Web site for the American Institute of Certified Public Accountants (AICPA) (www.aicpa.org). Information relevant
Question:
Go to the Web site for the American Institute of Certified Public Accountants (AICPA) (www.aicpa.org). Information relevant to the following questions can be located under the tab that provides information about the organization.
Required
a. Under what IRC code section does the AICPA receive its tax-exempt status?
b. Does the AICPA make its IRS Form 990 available on its Web site? Does it need to make its Form 990 available to the public given that it exists to serve dues paying members?
c. Is the AICPA subject to unrelated business income tax (UBIT)? Support your answer.
d. What is the AICPA’s program effectiveness ratio (see Illustration 14–6 for calculation)? How does the AICPA’s ratio compare to the ratios of the charitable organizations listed on Illustration 14–7? Would you expect the ratios to be similar? Why or why not?
e. What evidence is provided that indicates that the AICPA practices good governance?
Step by Step Answer:
a The American Institute of Certified Public Accountants AICPA receives its exempt status under IRC Sec 501c6 Illustration 143 identifies this code section as appropriate for business leagues chambers ...View the full answer
Accounting for Governmental and Nonprofit Entities
ISBN: 978-0078110931
16th Edition
Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus
