April 2014
Intermediate to advanced
176 pages
4h 21m
English
book
Tax Planning and Compliance for Tax-Exempt Organizations, Fifth Edition 2014 Cumulative Supplement
by Jody Blazek
Content preview from Tax Planning and Compliance for Tax-Exempt Organizations, Fifth Edition 2014 Cumulative Supplement
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CHAPTER 19
Maintaining Exempt Status
§ 19.1 Checklists
*p. 566. Add to bullet list:
- Exhibit 19.13, Annual Tax Compliance Issues for a Private Foundation
pp. 580–582. Replace Exhibits 19.8 and 19.9.
EXHIBIT 19.8
Annual Tax Compliance Checklist—Unrelated Business Income
Organization _____________________________________________________________________
Prepared by ___________________ Reviewed with _________________ Date ________________
A. Unrelated Business Income
| 1. Does the EO sell goods or services in an activity that is not related to or does not further its exempt purposes? [§§ 21.4 and 21.5] | |
| 2. Does the “related business” have a commercial taint? If so, complete Commerciality Test [Exhibit 21.1] | |
| 3. Are revenues and codes correctly reported on Form 990, Part VIII? | ______________ |
| 4. Is the business activity substantial (as measured by gross revenue or staff time devoted to it) in relation to the organization's exempt activity? [§ 21.3] | ______________ |
| 5. Does the organization do any of the following: | ______________ |
| 5a. Sell advertisements in its publications? [§ 21.8(d) and Exhibit 21.4 for calculation of taxable portion] | ______________ |
| 5b. Provide substantial benefits for corporate sponsorships? [§ 21.8(e)] | ______________ |
| 5c. Rent personal or real property? [§ 21.10(c)] | ______________ |
| 5d. Earn any income from indebted property, margin accounts, or loans? [§ 21.12] | ______________ |
| 5e. Receive revenues from Subchapter S corporation or ... |
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