Tax-exempt entities face compliance challenges

Article Abstract:

Tax-exempt entities enjoy a range of benefits not granted to for-profit organizations. They are generally exempt from most local, state and federal income and business taxes. Moreover, they are not covered by most sales and use taxes, local property taxes and some types of federal and state excise taxes. Tax-exempt entities, however, are required to pay taxes on unrelated business income and on lobbying expenditures. They may also be covered by some types of excise taxes. Guidelines for tax advisors on the preparation of returns for tax-exempt entities are provided.

Methods, Tax exemption, Tax exemptions, Lobbying, Taxpayer compliance

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Gaming activities can land a tax bill for tax-exempts

Article Abstract:

The author discusses the tax consequences for nonprofit organizations which sponsor gaming activities, including possible unrelated business income or excise taxes.

Gambling

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Receive substantiation when giving property to charity

Article Abstract:

The author discusses appraisal requirements when claiming a tax deduction for charitable contributions of property.

Valuation, Real property, Real estate appraisal, Charitable contributions, Charitable donations

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