Not-for-Profit Tax

NOT-FOR-PROFIT TAX

Focused on Furthering Your Cause

Not-for-profit organizations face a distinct set of compliance challenges. Though they are not subject to income tax, these organizations have filing responsibilities with the Internal Revenue Service and in the state(s) where funds are solicited. In addition, there are traps for the unwary with potential liabilities associated with unrelated business income tax, self-dealing, and maintaining exempt status.

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Services Included

Formation of a not-for-profit, including applying for recognition of tax-exempt status; assisting with all not-for-profit compliance services, including preparation of Form 990, Form 990-PF, Form 990-T, etc.; structuring the operations of new organizations to qualify for tax-exempt status

Private foundation excise taxes (net investment income, annual distribution requirements, self-dealing, jeopardizing investments, excess business holdings, and taxable expenditures)

Planning and consulting regarding Unrelated Business Income Tax (UBIT)

Planning and consulting regarding potential excess benefit transactions

IRS audits and other tax controversies

Employment taxes

How Citrin Cooperman Can Help

Tax law for not-for-profits and higher education institutions is replete with exemptions, exceptions, and limitations, which can make deciphering the Internal Revenue Code and regulations very challenging. When combined with increasing oversight by federal, state and local governments, donors, grantors, media, and the public, tax compliance an ongoing endeavor. Our not-for-profit tax professionals actively work with organizations’ members or board to consider their goals and plans and have worked with many organizations in this capacity.