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Every Nonprofits Tax Guide How To Keep Your Tax Exempt Status And Avoid IRS Problems(6th Edition)

Authors:

Stephen Fishman J.D.

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ISBN: 1413326676, 978-1413326673

Book publisher: NOLO

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Every Nonprofits Tax Guide How To Keep Your Tax Exempt Status And Avoid IRS Problems 6th Edition Summary: The essential tax reference book for every nonprofitNonprofits enjoy privileges not available to other organizations. But these privileges come with obligations: Nonprofits must comply with special IRS rules and regulations to maintain their tax-exempt status. Practical, comprehensive, and easy to understand, Every Nonprofit’s Tax Guide explains ongoing and annual IRS compliance requirements for nonprofits, including:a detailed look at Form 990line-by-line instructions for Form 990-EZconflicts of interest and compensation rulescharitable giving rulesunrelated taxable business income ruleslobbying and political activity restrictions, andnonprofit bookkeepingWhether you are just starting your nonprofit or are well established, you’ll find all the information you need to avoid the most common issues nonprofits run into with the IRS.This edition is completely updated to cover changes under the Tax Cuts and Jobs Act.Table of Contents1. Nonprofits and the IRSWhat Do We Mean When We Say “Nonprofit”?The Life Cycle of a NonprofitOngoing ComplianceIRS Audits2. Annual IRS Filings—The Form 990The Nuts and Bolts of the Filing ProcessThe 990-N Postcard Filing—As Simple as It GetsForm 990-EZ: The E-Z Way OutForm 990: Just Hold Your Nose and File ItLetting the Public See Your Report Card: Disclosure of Form 990Notifying the IRS If You Terminate, Merge, or Contract Your NonprofitWhat to Do if the IRS Has Revoked Your Nonprofit's Tax-Exempt Status3. Record Keeping and AccountingWhy Keep Financial Records?What Does the IRS Require?Do You Need an Independent Audit?Minding the GAAP4. Volunteers, Employees, and Independent ContractorsVolunteers—The Backbone Workforce of NonprofitsReimbursing Your Volunteers—Know the RulesUnreimbursed Volunteer ExpensesBenefits and Freebies—How to Show Your Appreciation Tax FreePaid Help: Employees and Independent ContractorsHiring Independent ContractorsE-Filing Form 1099sHiring EmployeesAffordable Care Act (ACA) and Nonprofit Employers5. Charitable Giving—The Basics and Cash DonationsYour Role as a NonprofitThreshold Requirements for Deducting DonationsAnnual Ceilings on Charitable DeductionsWhat Can a Donor Contribute?When Is a Contribution Made for Tax Purposes?Special Gifts—Earmarked, Restricted, and ConditionalIf Your Nonprofit Provides Goods or ServicesCash ContributionsCash Gifts From IRAsInterest-Free LoansQuid Pro Quo ContributionsCharity Auctions6. Property DonationsAnnual Deduction Limit for Property DonationsValuing Property Donations—An Art, Not a ScienceDifferent Types of Property DonationsDocumenting Property Donations7. Excessive Compensation, Sweetheart Deals, and Other Ways to Get in Trouble With the IRSA Nonprofit Is Not a Personal Piggy-BankThe IRS Intermediate Sanctions MinefieldTransactions With Disqualified Persons—How to Avoid Problems With the IRSExcessive Compensation for Services: The Most Common Excess BenefitCorrecting and Reporting Excess Benefit TransactionsThe IRS’s Sentence of Death: Revocation of Tax-Exempt Status8. Nonprofits That Make Money and UBITWhat Is UBIT?Activities Exempt From UBITDo You Owe UBIT?Calculating UBIT With Multiple Business ActivitiesFiling UBIT Tax Returns9. Lobbying and Political Campaign ActivitiesLobbying by Nonprofits—What’s Allowed and What’s NotPolitical Campaign Activities—An Absolute BanGetting Around the Restrictions10. Help Beyond This BookHelp From the IRSOther Helpful Publications and WebsitesAppendix: Sample FormsSample FormsIRS Form 990-EZSample Conflict of Interest Policy Rebuttable Presumption ChecklistFamily and Business Relationship QuestionnaireExpense ReportIndex