Not-for-Profit Accounting, Tax, and Reporting Requirements

Front Cover
John Wiley & Sons, Mar 29, 2004 - Business & Economics - 192 pages
Learn how to apply for tax-exempt status, handle IRS audits, set up a wholly owned taxable subsidiary, and anticipate tax implications of lobbying expenses with this step-by-step guide. Complete with checklists, sample letters, and illustrative charts, this easy-to-understand reference is an important resource for every not-for-profit executive who deals with financial issues.

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Contents

Chapter 1 Classification of TaxExempt Organizations
1
Chapter 2 Disclosure of Information
9
Chapter 3 Using CPA Firms and Understanding Their Functions
13
Chapter 4 Internal Revenue Service Audits
33
Chapter 5 Tax on Unrelated Business Income and Form 990T
43
Chapter 6 Wholly Owned Taxable Subsidiaries
51
Chapter 7 RestrictedFund Transactions
55
Chapter 8 Internal Control
63
Chapter 11 Other IRS Issues
77
Chapter 12 IRS Filing Requirements and Forms
83
Chapter 13 The Basics of NotforProfit Accounting and Financial Statements
85
Chapter 14 The Basics of Intermediate Sanctions
93
Chapter 15 The Basics of Filing IRS Form 990
97
Appendixes
101
Glossary
163
Index
171

Chapter 9 The Accounting Policies and Procedures Manual
69
Chapter 10 Tax Implications of Lobbying Expenditures
75

Common terms and phrases

About the author (2004)

EDWARD J. McMILLAN, CPA, CAE, is the author of Guide to Fringe Benefits for Not-for-Profit Organizations, Complying with SFAS #116 and #117, Essential Financial Considerations for Not-for-Profit Organizations, Second Edition, Budgeting and Financial Management Handbook, Second Edition, Model Accounting and Financial Policies and Procedures Handbook, Second Edition, and The Audit: A Novel. He is a nationally recognized speaker on not-for-profit financial and management topics and, in 1993, was appointed faculty chair for finance for the United States Chamber of Commerce’s Institutes for Organization Management program.

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