Tax-Exempt Organizations: Reporting, Disclosure and Other Procedural Aspects (Portfolio 452)

Part of Tax

Tax Management Portfolio No. 452-1st, Tax-Exempt Organizations: Reporting, Disclosure and Other Procedural Aspects, addresses the procedural aspects concerning organizations exempt from federal income taxation under the Internal Revenue Code. 

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Tax Management Portfolio No. 452-1st, Tax-Exempt Organizations: Reporting, Disclosure and Other Procedural Aspects, addresses the procedural aspects concerning organizations exempt from federal income taxation under the Internal Revenue Code. The Portfolio examines the reporting and recordkeeping requirements necessary to obtain and maintain recognition of exemption. Most exempt organizations must file annual information returns. In addition, exempt organizations must keep records sufficient to substantiate the information required for the annual information return.
The Portfolio also discusses the reporting of fundraising practices by tax-exempt organizations, as well as the applicable publicity, disclosure, and donor information requirements. The Portfolio then describes the civil and criminal penalties to which tax-exempt organizations are subject. Finally, the Portfolio describes the declaratory judgment remedy available to organizations receiving adverse determination letters from the IRS.
The organizational and operational requirements of exempt organizations are discussed in T.M., Tax-Exempt Organizations: Organizational Requirements and T.M., Tax-Exempt Organizations: Operational Requirements. Other issues relating to tax-exempt organizations discussed herein are covered in greater detail in other Portfolios, to which reference has been made where appropriate.
This Portfolio may be cited as Webster, 452-1st T.M., Tax-Exempt Organizations: Reporting, Disclosure and Other Procedural Aspects.


Hugh K. Webster, Esq.

Hugh K. Webster, partner, Webster, Chamberlain & Bean, Washington, D.C.; A.B., Middlebury College (1983); J.D., Duke Law School (1986); Co-Author, T.M., Lobbying and Political Expenditures; Author, T.M., Trade Associations; T.M., Fiduciary Duties of Nonprofit Directors and Officers; Author, The Law of Associations (Matthew Bender & Company); Editor, Nonprofit Legal and Tax Letter.

Table of Contents


 Detailed Analysis

 I. Introduction

 II. Reporting and Recordkeeping Requirements

 A. Seeking Recognition of Exemption

 B. Annual Information Returns

 1. Redesign of the Form 990

 2. Organizations Required to File Form 990

 a. Revenue and Asset Filing Thresholds

 b. Organizations That May Not Use Form 990-EZor Form 990-N

 c. Determining Gross Receipts

 3. Organizations Not Required to File Form 990

 a. Section 401(a) Qualified Pension,Profit-Sharing, and Stock Bonus Plans

 b. Section 501(c)(1) Instrumentalities of theUnited States

 c. Subordinate Organizations

 d. Private Foundations

 e. Certain Religious Organizations

 f. Section 501(d) Organizations

 g. Black Lung Benefit Trusts

 h. Governmental Units and § 115 Organizations

 i. Certain Political Organizations

 4. Organizations That Have Not EstablishedExempt Status

 5. Organizations That Have Lost Tax-ExemptStatus

 6. Time for Filing; Change of AccountingPeriod

 7. Place for Filing

 8. Private Foundations

 a. Form 990-PF

 b. Form 4720

 c. Time for Filing

 d. Place for Filing

 9. Special Rules for Charitable Trusts

 a. Exempt Trusts That Are Not PrivateFoundations

 b. Exempt Trusts That Are Private Foundations

 c. Section 4947(a)(1) Nonexempt CharitableTrusts

 d. Section 4947(a)(2) Split-Interest Trusts

 e. Pooled Income Funds

 f. Time and Place for Filing

 10. Foreign Private Foundations

 11. Farmers' Cooperatives

 12. Political Organizations

 13. Homeowners Associations

 14. Group Information Returns

 a. Generally

 b. Information Required Annually to MaintainGroup Exemption Determination

 15. Accommodation Parties in Tax ShelterTransactions

 16. Sponsoring Organizations

 17. Supporting Organizations

 C. Annual UBIT Return: Form 990-T

 1. Generally

 2. Time and Place for Filing

 D. Miscellaneous Returns and Reports

 1. Social Security, Unemployment Taxes, andIncome Tax Withholding

 a. Social Security Taxes

 b. Form 940

 c. Form 941

 d. Form 945

 e. Form W-3

 2. Information Returns for Payees

 a. Form W-2

 b. Form 1099-DIV

 c. Form 1099-INT

 d. Form 1099-MISC

 e. Form 1099-PATR

 f. Form 1099-R

 g. Form 1096

 h. Hope Scholarship and Lifetime Learning TaxCredits

 3. Other Returns Required to Be Filed

 a. Form 56

 b. Liquidation, Dissolution, Termination, orSubstantial Contraction

 c. Contributions of Property; Sale or Exchangeof Donated Property

 d. Lottery Winnings

 e. Partnership UBIT Reporting

 f. Cash Received in Trade or Business

 g. Qualified Intellectual PropertyContributions

 h. Reportable Acquisitions of Interests inApplicable Insurance Contracts

 E. Recordkeeping Requirements

 III. Fundraising by Tax-Exempt Entities —Reporting of Fundraising Practices

 A. Generally

 B. Reporting Requirements

 IV. Publicity of Information, DisclosureRequirements, and Information for Donors

 A. Publicity of Information

 1. Public Inspection of Exemption Applications

 2. Public Inspection of Annual InformationReturns

 3. Public Inspection of the Form 990-T

 4. Inspection by Committee of Congress

 5. Publication to State Officials

 B. Disclosure Requirements

 1. Disclosure of Nondeductibility of Contributions

 2. Failure to Disclose Availability ofInformation or Service from Federal Government

 V. Penalties

 A. Penalties Concerning Forms 990 and 1041-A

 1. Organization

 2. Parties Responsible

 B. Penalties and Interest Concerning Forms990-PF, 4720, and 5227

 1. Organization

 a. Late Filing — $20/Day Penalty

 b. Interest

 c. Late Filing — 5% Penalty

 d. Late Payment — 0.5% Penalty

 e. Late Payment of Additional Taxes — 0.5%Penalty

 f. Accuracy-Related Penalty — 20% Penalty

 g. Fraudulent Underpayments — 75% Penalty

 h. Estimated Tax Penalties

 i. Failure to Comply with DisclosureRequirement

 2. Parties Responsible

 a. Late Filing — $10/Day

 b. Participating Parties — Interest andPenalties

 C. Penalties Concerning Form 990-T

 1. Accuracy-Related and SubstantialUnderpayment Penalties

 2. Estimated Tax Penalty

 D. Penalties Concerning RecordkeepingRequirements

 E. Other Civil Penalties

 1. Failure to Disclose Nondeductibility ofContributions

 2. Failure to Disclose Availability ofInformation or Service from Federal Government

 3. Failure to Permit Inspection of Returns andExemption Application

 4. Willful and Flagrant Violation of PrivateFoundation Rules

 5. Failure to File Complete and CorrectInformation Return

 6. Fraudulent Acknowledgments for Donations ofMotor Vehicles, Boats, and Airplanes

 7. Failure to Disclose Participation as Partyin Tax Shelter Transaction

 F. Criminal Penalties

 1. Attempt to Evade or Defeat Tax

 2. Willful Failure to Collect or Pay over Tax

 3. Willful Failure to File Return, SupplyInformation, or Pay Tax

 4. Fraudulent and False Statements

 5. Fraudulent Returns, Statements, or OtherDocuments

 VI. Declaratory Judgments

 Introductory Material

 A. Background

 B. Statutory Requirements

 VII. Conclusion

Working Papers

 Working Papers

 Table of Worksheets

 Additional Resources

 Worksheet 1 Sample Client Memorandum ReRedesigned Form 990

 Worksheet 2 Sample Public InformationDisclosure Policy

 Worksheet 3 Form 990 — Return of OrganizationExempt From Income Tax (Including Schedule A)

 Worksheet 4 Form 990-EZ — Short Form Return ofOrganization Exempt From Income Tax





 Committee Reports/Public Laws:

 Treasury Procedures and Rulings:



 Books and Treatises:















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