|Full time Accounting Educator:||None|
After attending this presentation you will be able to...
- Identify the three "gotcha" questions in Part V: (1) regarding payroll tax reporting, (2) need to file unrelated business income tax return, and (3) disclosures related to soliciting or receiving contributions
- Apply overview background information in communicating with filers on multiple non-990
- Assist filers in appreciating both the current e-filing trigger and in avoiding the common misunderstandings of what conditions yield a true "common paymaster"
- Identify where filers should be apprised of additional areas where tax advice/counsel would be appropriate
The major topics that will be covered in this class include:
- Line-by-line exploration of Part V's regulatory laundry-list of additional tax compliance points the exempt sector is responsible for outside of maintaining exemption
- Substantive background on the underlying line-specific tax issues relating to four key lines:
- How the presence of a common paymaster alters the count of "number of employees" [and how the latter does or does not factor into the current mandatory e-filing rules for larger organizations] (Line 2)
- When a Form 990-T filing is required (Line 3a)
- The quid pro quo solicitation disclosure mandates (Line 7a/7b)
- Need to communicate with solicitations that the organization is not eligible to receive tax-deductible contributions (Line 6a/6b)
- The multiple, often overlapping, disclosures or tax filings required when a filer receives large tax-deductible contributions or certain types of property toward such contributions
- Explanation of the basics behind the excise tax schemes applied to filers:
- holding "donor-advised funds" (Lines 8 and 9)
- subject to either of the two new excise tax schemes added by the Tax Cuts and Jobs Act
- Potholes in culling the current and prior year's tax return information necessary to complete Part I's Lines 8-22
This event has already passed. If you have any questions, please contact us at 503-641-7200 or email firstname.lastname@example.org.