Wiley Not-for-Profit GAAP 2015: Interpretation and Application of Generally Accepted Accounting Principles

18 PRINCIPAL FEDERAL AND STATE TAX REPORTING AND REGULATORY REQUIREMENTS

The Importance of Meeting Federal and State Reporting Requirements

Intermediate Sanctions

Private Inurement

Organizations Exempt from Tax

Charitable Organizations

Private Foundations

Excise Tax on Investment Income

Tax Consequences of Gifts of Securities

Distribution of Income

Excess Business Holdings

Prohibited Transactions

Self-dealing

Investments that jeopardize exempt function

Prohibited expenditures

Annual Information Return

Private Operating Foundations

Qualifying Tests

Advantages

Other Concerns for Charities

Contribution Disclosures

Contribution Acknowledgments

Solicitation Disclosures

Excise Tax Considerations

Summary of Individual Tax Deductions

Noncharitable Exempt Organizations

Social and Recreation Clubs

Exempt status

Substantiation requirements

Unrelated business income

Trade Associations

Lobbying expenses

Unrelated business income

Title-Holding Companies

Unrelated business income

Unrelated Business Income

Definition

Exclusions

Advertising income

Trade shows

Caveats

Tax Rates on Unrelated Business Income

Need for Competent Tax Advice

Uncertainty in Income Tax Provisions

Registration and Reporting

Initial Registration

Annual Information Returns

Return Inspection

Reports by Recipients of Federal Support

Principal Federal Tax Forms Filed

Form 990: Return of Organization Exempt from Income Tax

Who must file?

Contents of Form 990

Form 990-EZ: Short Form

Form 990-PF: Return of Private Foundation