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Preventing, Correcting and Reporting Excess Benefit Transactions - Webinar

  • ID: 4425701
  • Webinar
  • December 2017
  • Region: Global
  • 90 Minutes
  • Lorman Business Center, Inc.
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Gain a better understanding of how to prevent, correct and report excess benefits transactions to reduce penalties, including Form 990 reporting requirements and how to avoid liability.

Public charities and social welfare organizations are subject to federal tax laws that prohibit the organization from engaging in excess benefit transactions with insiders to the organization. Excess benefit transactions can put an organizations tax exempt status at risk and result in significant excise taxes for the person who received the excess benefit and potentially the organizations managers who approved the transaction. Improper transactions must be corrected and reported to the IRS.

Financial transactions subject to these rules include employee compensation, independent contractor payments, severance pay, revenue sharing, transfers of property, payment of insurance premiums, and other perks for insiders or their families, among other transactions. Counsel must prepare public charities and social welfare organizations to scrutinize their executive compensation and other financial transactions with officers, directors, and other insiders to ensure compliance with federal tax law. This topic will provide an overview of the excess benefit transaction rules, related Form 990 reporting requirements, and strategies to avoid liability for excise taxes and revocation of tax exempt status based on excess benefit transactions.

Learning Objectives
  • You will be able to define an excess benefit transaction under IRC Section 4958.
  • You will be able to identify Form 990 disclosures related to excess benefit transactions.
  • You will be able to describe the special rules for donor advised funds and supporting organizations.
  • You will be able to discuss planning strategies.
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IRC Section 4958: Excess Benefit Transactions
  • Definition of an Excess Benefit Transaction (EBT)
  • Who Is a Disqualified Person?
  • Examples of EBTs (e.g., Compensation, Purchase/Sale of Assets)
  • Discussion of Executive Compensation
  • Excise Taxes/Correcting the EBT
  • Approving Transactions With Disqualified Persons and the Rebuttable Presumption of Reasonableness
  • Revocation Factors
  • Form 990 Disclosures
  • Donor-Advised Funds and Supporting Organizations
  • Recent Rulings and Planning Strategies
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Emily Chan - Adler & Colvin David A. Levitt - Adler & Colvin
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This webinar is designed for accountants, CPAs, executive directors, officers, board members, controllers, CFOs, tax managers, bookkeepers and attorneys.
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