IRS Launches Virtual Exempt Organizations Workshop

There's a new learning alternative for tax practitioners, financial professionals, and others who have an interest in the tax matters relating to not-for-profit entities. Effective immediately, the Internal Revenue Service has begun offering its popular Exempt Organizations Workshop in an online format on the Internet.

The five modules of the workshop, which take approximately three hours to complete, can be accessed at www.stayexempt.org . These modules cover the following topics:

  • Tax-exempt status - Learn what tax-exempt status is and what you need to know and do so that the organization won't lose its status.
  • Unrelated business income - Learn which activities qualify as unrelated business income and how this income should be reported.
  • Employment issues - Learn how different types of workers should be classified, what the tax withholding requirement are for those workers, and what types of payroll tax forms need to be filed.
  • Form 990 - Learn when to file a Form 990, how the form should be filled out, and what happens when a tax-exempt organization gets audited by the IRS.
  • Required disclosures - Learn which records of a tax-exempt organization need to be made available to the public and what type of information must be provided to donors so that they can take the appropriate tax deduction for their contributions.

Designed to appeal to small and mid-sized tax-exempt organizations, the workshop, "Stay Exempt – Tax Basics for 501(c)(3)s," is available at no charge. In particular, the IRS designed the workshop for organizations that have no tax experts on staff or that have limited access to outside tax advisors.

In addition to the workshop material, the Stay Exempt web site provides links to a variety of tax forms, including payroll tax forms, all of the Forms 990, and Form 1120-POL for political organizations. There are also links to many of the IRS publications, notices, and articles that might be of interest to exempt organizations.

The "Stay Exempt" course was originally launched in 2001 and has been offered by the IRS in a series of tax workshops across the country. The Stay Exempt web site is a product of the IRS’s office of Exempt Organizations.

You may like these other stories...

Anti Burger Kings: Seven US companies shrinking tax the old-fashioned wayBurger King’s decision to combine with Canadian donut shop Tim Hortons is renewing controversy over the lengths some US companies will go to...
Read more from Larry Perry here and in the Today's World of Audits archive.Since the AICPA's Financial Reporting Framework for Small- to Medium-sized Entities (FRF for SMEs) and some other financial reporting...
The US Securities and Exchange Commission (SEC) has chosen a former partner and vice chairman with Deloitte LLP as its new chief accountant.James Schnurr, who specialized in financial and SEC reporting for public companies...

Already a member? log in here.

Upcoming CPE Webinars

Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.
Sep 10
Transfer your knowledge and experience to prepare your team for the challenges and opportunities of an accounting career.
Sep 11
This webcast will include discussions of commonly-applicable Clarified Auditing Standards for audits of non-public, non-governmental entities.
Sep 26
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.