EA Exam Prep Part 2: Exempt Organizations (Currently Unavailable)
Author: Eva Rosenberg
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Law for CTEC |
This is the ninth class of the EA Exam Prep Part 2 series. Benjamin Franklin’s famous quote about death and taxes even applies to exempt organizations. While most pay no taxes, there are rules in place to collect tax under certain circumstances. In this TaxMama® created course, Susan explains what they are and delves into the other areas of these unique entities. Discover the types of exempt entities, the application process, what it takes to keep tax exempt status, filing requirements, and more.
Publication Date: August 2019
Designed For
Tax practitioners of all levels, regardless of experience, who want to learn about income tax preparation and more. Excellent training for staff working in tax offices, accounting practices, and corporate settings, as well as independent bookkeepers. This course provides an in-depth look at exempt organizations. It is especially helpful to those with no hands-on experience preparing tax returns – and those who are returning to tax preparation after years in corporate or other jobs. This course is also designed to help CPAs earn their Enrolled Agent credential so they can practice anywhere in the country without re-certifying.
Topics Covered
- Defining exempt organizations
- Types of exempt organizations according to the Internal Revenue Code
- Tax reporting of exempt organizations
- Publicly available information about exempt organizations
- Impact of exempt organizations
- IRS resources for exempt organizations
- 501(c)(3) organizations
- Support test
- The process to become tax exempt
- Religious organizations
- Form 1023 and 1023-EZ
- Form 1024
- Requirements for every exempt applicant
- Common application issues
- IRS look-up tool
- Private foundations
- Tips for foundations
- Political activity
- Political exemptions
- Filing requirements
- Exceptions to filing requirements
- Gross income of exempt organizations
- Forms 990, 990-EZ, and 990-N
- Failure to file penalties
- Charitable deductions
- Property donations
- Unrelated Business Income
- Unrelated Business Taxable Income
- Employment taxes of exempt organizations
- Report of cash received
Learning Objectives
- Identify the process to become an exempt organization
- Recognize characteristics of a 501(c)(3) organization
- Identify issues arising from political activity
- Identify filing requirements for exempt organizations
- Recognize how to determine unrelated business income and unrelated business taxable income
- Identify various types of exempt organizations
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
