tax exempt organization update december 2015 presented by: michelle mann, cpa, tax senior manager...
TRANSCRIPT
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Tax Exempt Organization Update December 2015Presented by: Michelle Mann, CPA, Tax Senior ManagerNicole Hobbs, CPA, Tax ManagerJPMS Cox, PLLCLittle Rock, AR
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Overview
•Types of Form 990 (N, EZ, long form, PF)•Form 990-T, Unrelated Business Income•State Reporting Requirements•Form 1023, 1023-EZ, & 1024•Keeping Your Exempt Status•Charitable Contribution Substantiation•Useful Links
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Tax Exempt Entity Forms
•Form 990 (expanded for 2008 forward)•Form 990-EZ•Form 990-N (e-postcard)•Form 990-PF for Private Foundations•Form 990-T (Unrelated Business Income)
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Thresholds for 2010 and beyond• Gross receipts normally ≤ $50,000
990-N• Gross receipts < $200,000 and
Total assets < $500,000 990-EZ
• Gross receipts ≥ $200,000, or Total assets ≥ $500,000
990If an organization is a 501(c)(3) Private
Foundation, it files form 990-PF regardless of the amount of revenue or assets
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Form 990-N
•Electronic postcard filing•No financial data required•Eligible organizations:
▫Annual gross receipts normally $50,000 or less
•Ineligible organizations:▫Private foundations▫Support orgs
•https://epostcard.form990.org/
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Form 990-EZ
•Gross receipts <$200,000 AND total assets <$500,000
•4 page form•Much easier to complete than full 990
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Comparison of Public & Private Entities• Both exempt under 501(c)(3)• Both file form 1023 to request tax exemption• Both can receive tax deductible charitable
contributions, but AGI limit (cash) 50% vs. 30%• IRS assumes all are private foundations until
organization can prove otherwise• Public charities must meet public support test on
Schedule A (generally 33 1/3%, discussed later)• Private foundations often used for family or
corporate gift planning or scholarship funds• Private foundations have excise taxes & minimum
distribution requirements (5% of FMV of assets)
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Core Form 990• I – Summary• II – Signature Block• III – Program Service Accomplishments• IV – Checklist of Required Schedules•V – Other IRS Filings and Tax Compliance•VI – Governance, Management, and Disclosure•VII – Compensation•VIII – Statement of Revenue• IX – Statement of Functional Expenses•X – Balance Sheet•XI – Reconciliation of Net Assets•XII – Financial Statements and Reporting
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Form 990 – Key Parts
•Part I: Summary of activity and prior year / current year financial data
•Part III: Statement of program service accomplishments▫Provide description of 3 largest program
service accomplishments▫Revenue, expenses, and grants allocable to
each
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Form 990 – Key Parts•Part VII: Compensation of officers, directors,
trustees, key employees, highest compensated employees, and independent contractors▫All officers/directors must disclose compensation
from the organization or related organizations regardless of amount
▫Top management and financial officials are considered officers
▫Those receiving >$150,000 total compensation are detailed on Schedule J
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Form 990 – Key Parts
•Part VIII: Statement of Revenue▫Contributions reported separate from
program service revenue▫Unrelated business income of $1,000 or
more – must file 990-T•Part IX: Statement of Functional Expenses
▫Must allocate expenses into 3 categories: program service, management & general, fundraising
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Schedule A – Public Support Test• Explains why 501(c)(3) is not a private
foundation – mark appropriate box on Schedule A, page 1
• Identity categories ▫ Churches▫ Schools▫ Hospitals and medical research organizations▫ Governmental units
• Revenue testing using a 5 year period (33 1/3%)▫ 509(a)(1) – use Schedule A page 2▫ 509(a)(2) – use Schedule A page 3
• Organized and operated to test for public safety• Supporting organizations (form expanded for
2014)
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Schedules for 990 •A – Public Charity Status and Public
Support•B – Schedule of Contributors•C – Political Campaign and Lobbying
Activities•D – Supplemental Financial Statements•E – Schools•F – Statement of Activities Outside the US•G – Fundraising or Gaming Activities•H - Hospitals
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Schedules for 990•I - Grants to Organizations, etc. in the US•J - Compensation Information•K - Tax-Exempt Bonds•L - Transactions with Interested Persons•M - NonCash Contributions•N – Liquidation, Termination, Dissolution,
or Significant Disposition of Assets•O – Supplemental Information•R – Related Organizations and Unrelated
Partnerships
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Form 990 – Disclosure
•Must be made available for public inspection by the organization for 3 years▫Exception: Schedule B (donor information)
•Forms 990 are sent to GuideStar from the IRS and are available for public viewing
•Due date: 5 months after tax year end▫May 15 for calendar year end▫First extension for 3 months (August 15)▫Second extension for 3 months (November 15)
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Other Federal Tax Returns
•Form 990- T Unrelated Business Income•Form 990-W estimated payments if
income or excise tax is expected to be $500 or more
•Employment Taxes – federal and state•Information Reporting – Forms 1098,
1099•Report of Foreign Bank and Financial
Accounts (FBAR - FinCEN 114, formerly TD F 90-22.1)
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Unrelated Business Income (UBI)•File 990-T if $1,000 or more UBI•Activities Subject to UBIT:
▫Trade or Business▫Regularly Carried On▫Not Substantially Related to Exempt Purpose
•Must meet all three of above requirements; any one exception can prevent UBI
•Can allocate expenses to the income activity•Can carry over net operating losses•Tax is calculated at regular corporate tax rates
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Unrelated Business Income•Exceptions:
▫Activity Run by Volunteers.▫Convenience of Patients, Students, Employees,
Guests▫Donated Merchandise
•Excluded Income:▫Interest ▫Dividends ▫Some Rents (not excluded if debt financed)▫Gains / Losses
*Recommend IRS Pub. 598
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Arkansas Reporting Requirements
• Secretary of State – nonprofit corporation annual report▫ Due August 1 ▫ Officers and contact information only
• Attorney General – if registered with AG, must submit annual filing▫ Register with AG if soliciting contributions >$25,000 annually▫ Exemptions, such as religious and educational entities▫ Copy of Form 990▫ Annual Financial Reporting Form (CR-03) – must be notarized▫ If audited, must also include audit report▫ Email all documents by due date of 990
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Nonprofit vs. Tax-Exempt
•Nonprofit = state law concept•Tax-exempt = federal tax concept
▫Must apply for tax-exempt status with IRS▫Form 1023: application for exemption
under section 501(c)3▫Form 1024: application for exemption
under 501(a)
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Types of Tax-Exempt Organizations• 501(c)(3): Public charity• Must be organized and operated exclusively
for “religious, charitable, scientific, testing for public safety, literary, or educational purposes, or to foster national or international amateur sports competition, or for the prevention of cruelty to children or animals.”
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Types of Tax-Exempt Organizations• 501(c)(4): Civic leagues, social welfare
organizations, local associations of employees• 501(c)(5): Labor, agricultural, horticultural• 501(c)(6): Business leagues, trade associations,
chambers of commerce• 501(c)(7): Social or recreational clubs; supported by
membership fees/dues• 501(c)(8) or (10): Fraternal beneficiary
societies/associations• 501(c)(9) or (17): Employee benefit association or
VEBA• 501(c)(19): Veterans organizations
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Benefits of Tax Exemption
•Exempt from federal income tax•Exempt from certain other taxes•Reduced postal rates•Tax-deductible contributions (for 501(c)
(3))
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501(c)(3) Status
•Organization should be a nonprofit corporation, trust, or unincorporated association
•Organizing document must contain two clauses:▫Purpose clause: establishes charitable
purpose(Charitable, educational, religious, scientific, etc.)
▫Dissolution clause: assets will be used for charitable purposes upon dissolution of the organization
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501(c)(3) Status• Private foundation
▫501(c)(3)s are automatically a PF unless public support test is met
▫Privately funded, usually from a single source• Public charity
▫Publicly funded, from multiple sources or activities
▫Also includes churches, schools, hospitals▫Must meet public support test (33%)
509(a)(1) and 509(a)(2)
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501(c)(3) Status
•Must apply to IRS for exemption except:▫Churches▫Organizations with gross receipts of $5,000
or less•Use IRS Form 1023 or 1023-EZ
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Form 1023-EZ
•New form – released June 2014•Must complete worksheet to determine
eligibility to use EZ form (see instructions)▫Gross receipts expected to be <$50,000 for
3 years▫Gross receipts have not been >$50,000 in
any of the past 3 years▫Assets <$250,000
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Form 1023-EZ
•The following types of organizations are NOT eligible to file EZ form:▫Churches, schools, hospitals▫Successors to for-profit entity▫LLCs▫Foreign organizations▫Support organizations▫Organizations that have had exempt status
revoked
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Form 1023-EZ• Must file electronically• Information needed to complete 1023-EZ
▫Employer identification number (EIN)▫Organizational structure: corporation, trust, association▫Date of incorporation▫Name, address, and title of 5 officers, directors, or
trustees▫Organizing document with purpose and dissolution
clauses (bylaws, articles of incorporation)▫Must attest that you have not and will not conduct
prohibited activities
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Form 1023-EZ
•User fee of $400 due upon submission▫Must register on pay.gov for online
payment•EZ Form has quicker turnaround from IRS•3% rate of IRS audit
▫Be prepared!•www.irs.gov/form1023ez
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Form 1023• Narrative description of past, present, and
planned activities• Complete list of officers and compensation;
answers to questions about compensation• Financial data: revenue, expenses, balance sheet
▫3-5 years of revenue/expenses required depending on age of organization
▫New organizations: each year of existence, plus projections for total of 3 years of data if you have not completed 1 tax year; otherwise 4 years
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Form 1023• Must attach bylaws and articles of incorporation
with proof of purpose clause and dissolution clause
• Questions regarding financial arrangements with officers/directors
• Must disclose family or business relationships among officers/directors
• Questions related to goods, services, and funds provided to individuals or organizations
• Types of activities: political, legislation, gaming
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Form 1023
•Description of fundraising programs•Relationships with foreign organizations•Description of any grant or loan programs•User fee:
▫$400 if average gross receipts of <$10,000 expected
▫Otherwise $850
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Form 1023 – Additional Schedules• Schedule A: Churches• Schedule B: Schools, colleges, universities• Schedule C: Hospitals and medical research• Schedule D: Supporting organizations (509(a)(3))• Schedule E: Organizations not filing within 27
months of formation• Schedule F: Homes for elderly or handicapped and
low-income housing• Schedule G: Successors to other organizations• Schedule H: Scholarships, fellowships, loans, grants
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Form 1024
•Used to obtain exemption under sections other than 501(c)(3)
•Most eligible to file are not required to file▫Still have to meet annual filing requirements
(990)•May want to file in order to receive
determination letter from IRS for public recognition of exempt status
•Will appear on IRS EO Select Check
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Form 1024
•Less detailed than Form 1023•Still must provide narrative description of
past, present, and planned activities•3-4 years of financial data required, and
current year balance sheet•General questions about activities and
operations•Specific questions for certain types ((c)(5),
(6), (7), etc.)
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Keeping Your Exempt Status
•Must file Form 990 annually▫Exempt status will be revoked after 3 years
of not filing•Still must file if waiting on determination
letter after submitting 1023 or 1024
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Donation Solicitation Rules•Written acknowledgment of contributions
of $250; “no goods or services provided” language important
•Due by January 31•If organization provides anything of value
in exchange for the contribution and the contribution is over $75, organization provides a good faith estimate of the value of the goods and services provided
•See blogs on jpmscox.com
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Charitable Contribution Substantiation Forms•Form 8282, Donee Information Return•Form 8283, Noncash Contributions•Form 8899, Notice of Income from
Donated Intellectual Property•Form 1098-C, Contributions of Motor
Vehicles, Boats, and Airplanes
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Useful Links• IRS Charities & Non-Profits Section:
▫http://www.irs.gov/Charities-&-Non-Profits• IRS EO Select Check: http://apps.irs.gov/app/eos/• GuideStar: http://www.GuideStar.org• Arkansas AG Annual Financial Reporting Form:
▫https://static.ark.org/eeuploads/ag/FormCR-03_AnnualFinancialReportForm.pdf
• Arkansas Secretary of State Nonprofit Annual Report:▫https://www.ark.org/sos/corpfilings/index.php