Not-for-Profit Accounting, Tax, and Reporting Requirements
What every not-for-profit must know about accounting, tax, and reporting requirements\ Combining the proven guidance of the previous, bestselling edition with all of the latest regulatory information, Edward McMillan delivers a one-stop reporting resource for not-for-profits in Not-For-Profit Accounting, Tax, and Reporting Requirements, Second Edition.\ McMillan's step-by-step guide helps your not-for-profit apply for tax-exempt status, handle IRS audits, set up a wholly owned taxable...
Search in google:
Everything your nonprofit needs to know about accounting, tax, and reporting requirements As every organization ultimately discovers, not-for-profit status does not simplify but rather seems to complicate financial structure and reporting obligations. These challenges, however, can be well met. Now in a Fourth Edition, Not-for-Profit Accounting, Tax, and Reporting Requirements offers not-for-profit managers, bookkeepers, and volunteers, as well as auditing CPA firms, a peerless reference for this dynamic field. Filled with dozens of checklists, sample letters, and illustrative charts demonstrating how to apply the principles and requirements described in practice, this step-by-step guide helps not-for-profits apply for tax-exempt status, handle IRS audits, set up a wholly owned taxable subsidiary, anticipate tax implications of lobbying expenses, and perform a host of other functions. Completely revised and expanded, the Fourth Edition features new coverage on: The basics of complying to the new Form 990 Political action committees New lobbying issues Grant accounting Complying with OMB Circular A-122 Yellow Book accounting Fiduciary responsibilities of boards and staff And much more! The accounting principles, tax issues, reporting requirements, and general work environment for not-for-profit organizations are remarkably different from those affecting commercial organizations. As a result, the task of keeping up with current financial and disclosure requirements, already daunting, can become even more so. Providing the latest regulatory information, Edward McMillan delivers a one-stop reporting resource for not-for-profits in Not-for-Profit Accounting, Tax, and Reporting Requirements, Fourth Edition.
List of ExhibitsPrefaceCh. 1Classification of Tax-Exempt Organizations1Ch. 2Disclosure of Information9Ch. 3Using CPA Firms and Understanding Their Functions13Ch. 4Internal Revenue Service Audits33Ch. 5Tax on Unrelated Business Income and Form 990-T43Ch. 6Wholly Owned Taxable Subsidiaries51Ch. 7Restricted-Fund Transactions55Ch. 8Internal Control63Ch. 9The Accounting Policies and Procedures Manual69Ch. 10Tax Implications of Lobbying Expenditures75Ch. 11Other IRS Issues77Ch. 12IRS Filing Requirements and Forms83Ch. 13The Basics of Not-for-Profit Accounting and Financial Statements85Ch. 14The Basics of Intermediate Sanctions93Ch. 15The Basics of Filing IRS Form 99097App. AStatement of Financial Accounting Standards #117: Financial Statements of Not-for-Profit Organizations101App. BStatement of Financial Accounting Standards #116: Accounting for Contributions Received and Contributions Made133App. CStatement of Financial Accounting Standards #124: Accounting for Certain Investments Held by Not-for-Profit Organizations151App. DStatement of Financial Accounting Standards #136: Transfer of Assets to a Not-for-Profit Organization or Charitable Trust that Raises or Holds Contributions for Others157Glossary163Index171
