In the 2024 Cumulative Supplement to the latest edition of Tax Planning and Compliance for Tax-Exempt Organizations, a team of dedicated legal and accounting professionals delivers a timely and current discussion of the latest rules, pronouncements, legislation, and regulations affecting tax-exempt entities. In this Supplement, you'll discover clear and fully cited and supported descriptions of the requirements for a variety of categories of tax-exempt organizations, including public charities, private foundations, civic associations, business leagues, and social clubs.
In this update, you'll find: - Coverage of every relevant and significant change to the taxation law governing tax-exempt organizations - Various sample documents and practice aids to save time and energy in the preparation of this year's financial documents - Practical guidance on the potential for income tax on revenue-producing enterprises
Perfect for accountants, lawyers, executives, directors, and volunteers serving one of the many tax-exempt entities in the United States, Tax Planning and Compliance for Tax-Exempt Organizations: 2024 Cumulative Supplement is also an essential resource for consultants, managers, and other professionals working in or for tax-exempt organizations.
Table of Contents
List of Exhibits ix
Preface xiii
About the Author xv
Acknowledgments xvii
Chapter 1 Distinguishing Characteristics of Tax- Exempt Organizations 1
Chapter 1.3 2
Chapter 1.4 Role of the Internal Revenue Service 6
Chapter 1.5 Suitability as an Exempt Organization 8
Chapter 3 Religious Organizations 9
Chapter 4 Charitable Organizations 13
4.6 Promotion of Health 13
Chapter 5 Educational, Scientific, and Literary Purposes and Prevention of Cruelty to Children and Animals 17
5.1 Educational Purposes 17
5.5 Fostering Amateur Sports Educational Purposes 18
Chapter 6 Civic Leagues and Local Associations of Employees: § (c)(4) 21
§ 6.2 Qualifying and Nonqualifying Civic Organizations 22
Chapter 6.2 Qualifying and Nonqualifying Civic Organizations 24
6.4 Neighborhood and Homeowner’s Associations 27
6.5 Disclosures of Nondeductibility 27
Chapter 9 Social Clubs 29
9.1 Organizational Requirements and Characteristics 29
Chapter 11 Public Charities 31
11.2a Donor Advised Funds 31
Chapter 12 Private Foundations - General Concepts 35
§ 12.1 Why Private Foundations Are Special 35
12.4 Termination of Private Foundation Status 39
Chapter 18 IRS Filings, Procedures, and Policies 41
Chapter 24 Deductibility and Disclosures 43
24.1 Overview of Deductibility 43
24.6 Inflation Reduction Act 44
Chapter 25 Employment Taxes 45
Chapter 27 Cryptocurrency 47
§ 27.1 What Is Cryptocurrency? 47
§ 27.2 What Are the Various Kinds of Cryptocurrency? 48
§ 27.3 Should Nonprofits Be Involved in Cryptocurrency? 50
§ 27.4 Cryptocurrencies and the Internal Revenue Service 52
Table of Cases 63
Table of IRS Revenue Rulings 75
Table of IRS Procedures 81
Index 83
