Description
Identify and assess potential uncertain tax positions related to a nonprofit’s exemption status and unrelated business income.All business entities, including nonprofits, are subject to the disclosure of uncertain tax positions, but many nonprofit leaders are unaware of how this requirement impacts nonprofits. They are also not aware of the various types of uncertain tax positions that a nonprofit may need to evaluate for disclosure. This presentation will help the persons responsible for disclosure of uncertain tax positions for nonprofits recognize and evaluate potential uncertain tax positions related to the nonprofit’s exemption status and unrelated business income.
Date: 2023-05-23 Start Time: End Time:
Learning Objectives
Overview of ASC 740 and Uncertain Tax Positions
• Introduction to ASC 740
• What Is an Uncertain Tax Position
• Determination of Uncertain Tax Position Disclosures
How Can a Nonprofit Have Uncertain Tax Positions
• Exemption Issues
• Unrelated Business Income/Activities
Exemption Issues
• Public Charity Status
• Compensation Issues
• Lobbying Activities
• Failure to Report Unrelated Business Income
• Focus on Generation of Unrelated Business Income
• Activities Unrelated to Originally Disclosed Basis of Exemption
Unrelated Business Income Tax
• Allocation of Expenses Against Unrelated Business Income
• Not Filing Income Tax Returns in Appropriate Jurisdictions
• Apportionment of Income in Other Jurisdictions
• Incorrect Classification of Program or Activity Loss to Offset Unrelated Business Income
Wrap Up
• Recap of How ASC 740 Affects Nonprofits
• Best Practices to Avoid Exemption Issues
• Best Practices to Avoid Unrelated Business Income Tax Issues
AIPB ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
Eric Hittle, CPA-Silver Spring Accounting LLC
