Not-for-Profit Accounting, Tax, and Reporting Requirements
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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Chapter 1 Classification of TaxExempt Organizations
Chapter 2 Disclosure of Information
Chapter 3 Using CPA Firms and Understanding Their Functions
Chapter 4 Internal Revenue Service Audits
Chapter 5 Tax on Unrelated Business Income and Form 990T
Chapter 6 Wholly Owned Taxable Subsidiaries
Chapter 7 RestrictedFund Transactions
Chapter 8 Internal Control
Chapter 11 Other IRS Issues
Chapter 12 IRS Filing Requirements and Forms
Chapter 13 The Basics of NotforProfit Accounting and Financial Statements
Chapter 14 The Basics of Intermediate Sanctions
Chapter 15 The Basics of Filing IRS Form 990
Chapter 9 The Accounting Policies and Procedures Manual
Chapter 10 Tax Implications of Lobbying Expenditures
Accepted Accounting Principles Accounts Payable Accounts Receivable amount Asset Account audited financial statements beneficiary benefits Cash Flows chart of accounts class of accounts conditional or unconditional contribution conditional contributions be recorded Credit Unrestricted Debit December 31 deductible documents donated donor earnings employees Ended December 31 engagement letter Estimated Tax Example exempt organization fair value Financial Position gift Income Statement income tax independent CPA firm intermediate sanctions internal control Investment IRS audit IRS Classification Journal Entry Liability Account lobbying expenditures manual ments nization not-for not-for-profit organization Not-for-Profit Organization’s Statement Note opinion orga permanently restricted policies and procedures profit organization Program promise to give provisions of SFAS receipt recipient organization recognized currently request restricted net assets specific Statement of Activities Statement of Cash Statement of Financial tax returns tax-exempt organization taxable subsidiary temporarily restricted tion transactions unconditional contribution unconditional promise unrelated business income wholly owned taxable