By Edward J. McMillan
What each not-for-profit needs to find out about accounting, tax, and reporting requirements
Combining the confirmed tips of the former, bestselling version with all the most recent regulatory info, Edward McMillan offers a one-stop reporting source for not-for-profits in Not-For-Profit Accounting, Tax, and Reporting requisites, moment Edition.
McMillan's step by step consultant is helping your not-for-profit practice for tax-exempt prestige, deal with IRS audits, organize a totally owned taxable subsidiary, count on tax implications of lobbying expenditures, and practice a number of different services.
- All-new assurance of the fundamentals of complying to the hot shape 990
- New discussions on political motion committees, new lobbying matters, supply accounting and complying with OMB round A-122 and Yellow e-book accounting, fiduciary duties of forums and employees, and masses extra
- Contains dozens of checklists, pattern letters, and illustrative charts demonstrating easy methods to observe the foundations and necessities defined
A peerless reference for this dynamic box, Not-for-Profit Accounting, Tax, and Reporting standards, moment Edition supplies your nonprofit an easy consultant to easier monetary constitution and reporting obligations.Content:
Chapter 1 class of Tax?Exempt businesses (pages 1–7):
Chapter 2 monetary obligations of Not?for?Profit Board contributors (pages 9–14):
Chapter three the fundamentals of shape 990, shape 990?EZ, and shape N (pages 15–24):
Chapter four Tax on Unrelated enterprise source of revenue and shape 990?T (pages 25–32):
Chapter five different IRS matters (pages 33–38):
Chapter 6 Disclosure of data (pages 39–45):
Chapter 7 stipulations of Employment contract (pages 47–53):
Chapter eight fully Owned Taxable Subsidiaries (pages 55–57):
Chapter nine inner profit carrier Audits (pages 59–67):
Chapter 10 constructing powerful inner Controls and Documenting a Fraud motion Plan (pages 69–85):
Chapter eleven utilizing CPA agencies and figuring out Their capabilities (pages 87–110):
Chapter 12 furnish Accounting and Auditing (pages 111–126):
Chapter thirteen Implications of Lobbying bills (pages 127–139):
Chapter 14 crusade Contributions, PACs, and 527s (pages 141–147):
Chapter 15 inner Audit Committees (pages 149–152):
Chapter sixteen The Accounting regulations and techniques guide (pages 153–157):
Chapter 17 Restricted?Fund Transactions (pages 159–165):
Chapter 18 the fundamentals of Intermediate Sanctions (pages 167–169):
Chapter 19 the fundamentals of Not?for?Profit Accounting and fiscal Statements (pages 171–177):
Chapter 20 inner most Foundations (pages 179–182):
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Additional info for Not-for-Profit Accounting, Tax, and Reporting Requirements, Fourth Edition
Additionally, organizations that receive quid pro quo contributions in excess of $75 (payments in excess of $75 made partly as a gift and partly as consideration for goods or services) are required to inform contributors in writing of the value of the goods or services furnished and that only the portion exceeding the value is deductible as a charitable contribution. CHAPTER 6 Disclosure of Information A NOT-FOR-PROFIT ORGANIZATION’S disclosure of information policies are arguably the most important policies to formalize because it is inevitable that the organization will have records requested for review by members, contributors, the media, staff, researchers, or the general public.
Form 1023, Application for Recognition of Exemption under Section 501(c)(3), or Form 1024, Application for Recognition of Exemptions under Section 501(a). If the tax-exempt organization was founded before July 15, 1987, the organization must make this information available if it still has a copy of the form. 3. All correspondence submitted by the tax-exempt organization supporting these documents, as well as correspondence issued by the IRS with respect to these documents. Group Returns If a not-for-profit organization does not file Form 990 because it is included in a group return, it must acquire a copy of the group return and make the material available for inspection.
What Are the Tax Rates? All organizations subject to the tax on unrelated business income are taxed at prevailing corporate tax rates. Are Estimated Tax Payments Required? Tax-exempt organizations must make quarterly payments of estimated tax on unrelated business income under the same rules as corporations. Generally, if an organization expects its tax to be $40 or more, estimated tax payments are required. When Are Estimated Tax Payments Due? Estimated tax payments are due on the fifteenth day of the fourth, sixth, ninth, and tenth months of the tax year.