Every Nonprofit’s Tax Guide: How to Keep Your

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The essential tax reference book for every nonprofit Nonprofits enjoy privileges not available to other organizations. But these privileges come with obligations: Nonprofits must comply with special IRS rules and regulations to maintain their tax-exempt status. Practical, comprehensive, and easy to understand, Every Nonprofit’s Tax Guide explains ongoing and annual IRS compliance requirements for nonprofits, including:   a detailed look at Form 990 line-by-line instructions for Form 990-EZ conflicts of interest and compensation rules charitable giving rules unrelated taxable business income rules lobbying and political activity restrictions, and nonprofit bookkeeping Whether you are just starting your nonprofit or are well established, you’ll find all the information you need to avoid the most common issues nonprofits run into with the IRS. This edition is completely updated to cover changes under the Tax Cuts and Jobs Act. Table of Contents 1. Nonprofits and the IRS What Do We Mean When We Say “Nonprofit”? The Life Cycle of a Nonprofit Ongoing Compliance IRS Audits 2. Annual IRS Filings—The Form 990 The Nuts and Bolts of the Filing Process The 990-N Postcard Filing—As Simple as It Gets Form 990-EZ: The E-Z Way Out Form 990: Just Hold Your Nose and File It Letting the Public See Your Report Card: Disclosure of Form 990 Notifying the IRS If You Terminate, Merge, or Contract Your Nonprofit What to Do if the IRS Has Revoked Your Nonprofit’s Tax-Exempt Status 3. Record Keeping and Accounting Why Keep Financial Records? What Does the IRS Require? Do You Need an Independent Audit? Minding the GAAP 4. Volunteers, Employees, and Independent Contractors Volunteers—The Backbone Workforce of Nonprofits Reimbursing Your Volunteers—Know the Rules Unreimbursed Volunteer Expenses Benefits and Freebies—How to Show Your Appreciation Tax Free Paid Help: Employees and Independent Contractors Hiring Independent Contractors E-Filing Form 1099s Hiring Employees Affordable Care Act (ACA) and Nonprofit Employers 5. Charitable Giving—The Basics and Cash Donations Your Role as a Nonprofit Threshold Requirements for Deducting Donations Annual Ceilings on Charitable Deductions What Can a Donor Contribute? When Is a Contribution Made for Tax Purposes? Special Gifts—Earmarked, Restricted, and Conditional If Your Nonprofit Provides Goods or Services Cash Contributions Cash Gifts From IRAs Interest-Free Loans Quid Pro Quo Contributions Charity Auctions 6. Property Donations Annual Deduction Limit for Property Donations Valuing Property Donations—An Art, Not a Science Different Types of Property Donations Documenting Property Donations 7. Excessive Compensation, Sweetheart Deals, and Other Ways to Get in Trouble With the IRS A Nonprofit Is Not a Personal Piggy-Bank The IRS Intermediate Sanctions Minefield Transactions With Disqualified Persons—How to Avoid Problems With the IRS Excessive Compensation for Services: The Most Common Excess Benefit Correcting and Reporting Excess Benefit Transactions The IRS’s Sentence of Death: Revocation of Tax-Exempt Status 8. Nonprofits That Make Money and UBIT What Is UBIT? Activities Exempt From UBIT Do You Owe UBIT? Calculating UBIT With Multiple Business Activities Filing UBIT Tax Returns 9. Lobbying and Political Campaign Activities Lobbying by Nonprofits—What’s Allowed and What’s Not Political Campaign Activities—An Absolute Ban Getting Around the Restrictions 10. Help Beyond This Book Help From the IRS Other Helpful Publications and Websites Appendix: Sample Forms Sample Forms IRS Form 990-EZ Sample Conflict of Interest Policy  Rebuttable Presumption Checklist Family and Business Relationship Questionnaire Expense Report Index