Description
Be aware of potential filing and reporting obligations and be equipped to comply with them.
Nonprofit organizations, and particularly private foundations, are subject to a bewildering array of federal excise taxes designed to regulate their behavior. Congress continually adds new excise taxes for this purpose. The rules for navigating these excise taxes become denser and denser, and the IRS has been stepping up compliance through audit activity. This combination of more complexity, more compliance, and great potential penalties is a potentially toxic brew for the unprepared nonprofit organization and its tax advisors. This topic will help persons who deal with nonprofit organizations that are subject to excise tax regimes be aware of potential filing and reporting obligations and be equipped to comply with them.
Date: 2023-08-04 Start Time: 1:00 PM ET End Time: 2:30 PM ET
Learning Objectives
* You will be able to understand the purpose and scope of Form 4720.
* You will be able to describe the persons who may have Form 4720 filing requirements.
* You will be able to recognize undistributed income that is the potential subject of Form 4720 filings.
* You will be able to explain how to comply with the Form 4720 filing requirements.