Wiley Not-for-Profit GAAP 2017

18Principal Federal and State Tax Reporting and Regulatory Requirements

1. The Importance of Meeting Federal and State Reporting Requirements
   1. Intermediate Sanctions
   2. Private Inurement
2. Organizations Exempt from Tax
3. Charitable Organizations
4. Private Foundations
   1. Excise Tax on Investment Income
   2. Tax Consequences of Gifts of Securities
   3. Distribution of Income
   4. Excess Business Holdings
   5. Prohibited Transactions
   6. Annual Information Return
5. Private Operating Foundations
   1. Qualifying Tests
   2. Advantages
6. Other Concerns for Charities
   1. Contribution Disclosures
   2. Contribution Acknowledgments
   3. Solicitation Disclosures
   4. Excise Tax Considerations
   5. Summary of Individual Tax Deductions
7. Noncharitable Exempt Organizations
   1. Social and Recreation Clubs
   2. Trade Associations
   3. Title-Holding Companies
8. Unrelated Business Income
   1. Definition
   2. Tax Rates on Unrelated Business Income
   3. Need for Competent Tax Advice
   4. Uncertainty in Income Tax Provisions
9. Registration and Reporting
   1. Initial Registration
   2. Annual Information Returns
   3. Return Inspection
10. Reports by Recipients of Federal Support
11. Principal Federal Tax Forms Filed
    1. Form 990: Return of Organization Exempt from Income Tax
    2. Form 990-EZ: Short Form
    3. Form 990-N: e-Postcard
    4. Form 990-PF: Return of Private Foundation
    5. Form 990-T: Exempt Organization Business Income Tax Return
12. Conclusion
13. State Compliance Requirements
    1. Registration for Organizations Soliciting Funds
    2. Registration for Organizations Having Assets within the State

The Importance of Meeting Federal and State Reporting ...