BarbriSFCourseDetails
  1. keyboard_arrow_leftBack

Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Accounting

Date & Time
  • event Date

    Tuesday, November 19, 2024

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    110 minutes

Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$197.00
CPE
ALL

This webinar will review the IRS application process for tax-exempt status and completing Forms 1023 and 1023-EZ. Our seasoned nonprofit advisers will provide a section-by-section overview of these forms, identify required documents, and offer submission tips to facilitate an organization's application for this privileged status.

Faculty

Garrett M. Higgins
Partner
PKF O'Connor Davies, LLP

Mr. Higgins is a member of the Firm’s Executive Committee. He serves as Partner-in-Charge of the Exempt Organization Tax and Advisory Services Group and has over 20 years of experience providing tax compliance and advisory services to tax-exempt organizations. Mr. Higgins current tax-exempt clients include private foundations, colleges and universities, museums, health care organizations, large public charities, pension and welfare benefit trusts and a number of other non-profit organizations. His considerable expertise extends across a broad range of tax-exempt and other accounting and audit topics. Mr. Higgins has significant experience with public charities and private foundations as well as experience with the tax compliance and consulting issues affecting educational institutions, welfare benefit trusts, health care and other types of exempt organizations. His specific areas of tax and business expertise encompass unrelated business income tax planning, state and local tax planning and reporting, executive compensation, operational and transaction structuring, use of taxable subsidiaries of tax-exempt organizations, intermediate sanctions planning and compliance and fundraising. Mr. Higgins is viewed as a technical authority and is regularly asked to author articles and present at firm-sponsored and other tax-exempt industry events.

expand_circle_down Expand to View Full Bio expand_circle_up Collapse Bio
Eva Mruk
Partner
PKF O'Connor Davies, LLP

Ms. Mruk serves in the Tax & Advisory Services Group. She has 25 years of experience providing tax compliance and advisory services to the not-for-profit and tax-exempt sectors, including public charities, social services organizations, membership organizations, cultural organizations, colleges and universities, healthcare, religious organizations, business leagues, trade associations, social clubs and private foundations. Ms. Mruk represents clients with federal and state tax controversy matters such as tax-exemption revocations and reinstatements and assists in audits and examinations. She stays well-informed of current tax legislation and emerging issues and is a frequent author and speaker on the complex tax laws affecting tax-exempt organizations.





 

expand_circle_down Expand to View Full Bio expand_circle_up Collapse Bio

Description

Tax professionals are often asked if they can assist with applications for tax-exempt status. Even nonprofit professionals who regularly work with not-for-profit organizations are frequently not familiar with the nuances of the application process. Much lengthier and more intrusive, Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, must be filed by organizations ineligible to file its counterpart, Form 1023-EZ. Organizations that project their annual gross receipts to exceed $50,000 in any of three upcoming years and organizations with a foreign mailing address are ineligible to file the streamlined form as explained on the three-page eligibility checklist included with Form 1023-EZ's instructions.

Both the Form 1023 and Form 1023-EZ are required to be filed electronically. Regardless of the form filed, careful and complete preparation of the application is critical. The IRS states, "Submitting this application does not guarantee exemption will be recognized. If your application is incomplete or not completed correctly, it may be rejected." Advisers and professionals working with nonprofits or assisting with these applications need to be familiar with common red flags and compliance issues of requesting tax-exempt status.

Listen as our expert panel of nonprofit professionals walks participants through completing Form 1023 and 1023-EZ to apply for tax-exempt status under IRC Section 501(c)(3).

Outline

  1. Welcome and introduction
    • Overview of the webinar
    • Objectives and goals
    • Introduction of participants
  2. Understanding IRS Form 1023 and Form 1023-EZ
    • Purpose and differences
    • Complexity, length, and eligibility
    • Advantages and limitations
  3. Key highlights of Form 1023
    • Section-by-section overview
    • Common pitfalls to avoid
  4. Key highlights of Form 1023-EZ
    • Overview and key sections
    • Common issues and efficient completion tips
  5. Application process
    • Preparing and gathering documentation
    • Completing forms and submission
    • Post-submission tips
  6. Scrutiny and challenges with Form 1023-EZ
    • Increased scrutiny
    • Common red flags and compliance issues
    • Real world examples and solutions

Benefits

The panel will cover these and other critical issues:

  • Increased IRS scrutiny of tax-exempt status applications
  • Tips to facilitate acceptance of the application for 501(c)(3) status
  • Which organizations are eligible to file Form 1023-EZ
  • Real world examples including completing sections of the application

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Understand the broad tax-exempt purposes that could qualify for tax-exempt status
  • Determine documentation required to be included with the application
  • Decide who is eligible for the streamlined application, Form 1023-EZ
  • Ascertain common pitfalls to avoid when completing Form 1023

  • Field of Study: Accounting
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience at mid-level within the organization, preparing complex tax forms and schedules; supervisory authority over other preparers/accountants. Specific knowledge and understanding of cost allocation principles; familiarity with government standards for nonprofit organizations receiving federal grant monies

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).