The 2006 Cumulative Supplement includes the following updates: Donations of patents and other intellectual property are subject to new limitations. The new limitations and return attachments now required are discussed in Chapter 24; Revised Form 990 (Return of Organization Exempt from Income Tax) is contained in Appendix 18 D; State legislatures in Colorado, Kansas, California, and Massachusetts enacted, and rule makers in North Carolina, Texas, New York, and other states considered, proposals to enhance reporting by nonprofit organizations. Many states enacted registration and information reporting about professional fundraisers and solicitors. The filing of financial statements audited by independent accountants may now be required. This provision is implemented at varying levels of annual revenue so that nonprofits and their advisors need to be attentive to such changes; and much more.
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978-0-471-72894-8 (9780471728948)
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Jody Blazek is a partner in Blazek & Vetterling, LLP, a Houston CPA firm focusing on tax and financial planning for exempt organizations and the individuals who create, fund, and work with them. BV serves over 300 nonprofit organizations providing financial reports and tax compliance and planning services. Jody began her professional career at KPMG, then Peat, Marwick, Mitchell & Co. Her concentration on exempt organizations began in 1969; she was chosen to study the Tax Reform Act that completely revamped the taxation of charities and created private foundations. From 1972 to 1981, she gained nonprofit management experience as treasurer of the Menil Interests, where she worked with John and Dominique de Menil to plan the Menil Collection, The Rothko Chapel, and other projects of the Menil Foundation. She reentered public practice in 1981 to found the firm she now serves. She is the author of six books in the Wiley Nonprofit Series: IRS Form 1023 Preparation Guide (2005), IRS Form 990 Tax Preparation Guide for Nonprofits (2004), Tax Planning and Compliance for Tax Exempt Organizations 4th Ed. (2004), and Financial Planning for Nonprofit Organizations (1996); and Private Foundations: Tax Law and Compliance 2nd Ed. (2003) and The Legal Answer Book for Private Foundations (2002), both co authored with Bruce R. Hopkins. Jody serves on the Panel of the Nonprofit Sector, Transparency and Financial Accountability Work Group. Jody is past chair of the Tax Exempt Organizations Resource Panel, and a member of Form 1023 and 999 Revision Task Forces for the American Institute of Certified Public Accountants, on the national editorial board of Tax Analysts' The Exempt Organization Tax Review, and the AICPA's The Tax Advisor, and advisor to the Volunteer Service Committee of the Houston Chapter of Certified Public Accountants. She is a founding director of Texas Accountants and Lawyers for the Arts and a member of the board of the Anchorage Foundations, Houston Artists Fund, and the River Pierce Foundation. She is a frequent speaker at nonprofit symposia, including AICPA Not For Profit Industry Conference; University of Texas Law School Nonprofit Organizations Institute; Texas, New York, Arizona, and Washington State CPA Societies' Nonprofit Conferences; Institute for Board Development; and Nonprofit Resource Center's Nonprofit Legal and Accounting Institute, among others. Jody Blazek received her BBA from University of Texas at Austin in 1964 and took selected taxation courses at South Texas School of Law. She and her husband, David Crossley, nurture two sons, Austin and Jay Blazek Crossley.
Note to the Reader: Sections not in the main bound volume are indicated by (New) after the title. Material new to or modified in this supplement is indicated by an asterisk ( ) in the left margin in the Contents and throughout the Supplement. PART I: QUALIFICATIONS OF TAX EXEMPT ORGANIZATIONS. Chapter Two: Qualifying Under IRC 501(c)(3). Chapter Three: Religious Organizations. Chapter Four: Charitable Organizations. Chapter Six: Civic Leagues and Local Associations of Employees: 501(c)(4). Chapter Seven: Labor, Agricultural, and Horticultural Organizations: 501(c)(5). Chapter Nine: Social Clubs: 501(c)(7). Chapter Ten: Instrumentalities of Government and Title Holding Corporations. Chapter Eleven: Public Charities. PART II: STANDARDS FOR PRIVATE FOUNDATIONS. Chapter Twelve: Private Foundations General Concepts. Chapter Thirteen: Excise Tax Based on Investment Income: IRC 4940. Chapter Fourteen: Self Dealing: IRC 4941. Chapter Fifteen: Minimum Distribution Requirements: IRC 4942. Chapter Sixteen: Excess Business Holdings and Jeopardizing Investments: IRC 4943 and 4944. Chapter Seventeen: Taxable Expenditures: IRC 4945. PART III: OBTAINING AND MAINTAINING TAX EXEMPT STATUS. Chapter Eighteen: IRS Filings, Procedures, and Policies. Appendix 18 A: New Form 1023 (Filled In). Appendix 18 B: Form 8734: Support Schedule for Advance Ruling Period. Appendix 18 C: Schedules for Form 1023: Completed by Churches, Schools, Hospitals, and Others. Appendix 18 D: Form 990 (New). Chapter Twenty: Private Inurement and Intermediate Sanctions. Chapter Twenty One: Unrelated Business Income. Chapter Twenty Two: Relationships with Other Organizations and Businesses. Chapter Twenty Three: Electioneering and Lobbying. Chapter Twenty Four: Deductibility and Disclosures. Appendix 24 A: State Sales Tax Exemptions. Appendix 24 B: Checklist for Initial Registrations. Chapter Twenty Five Employment Taxes. Chapter Twenty Six Mergers, Bankruptcies, and Terminations. Table of Cases. Table of IRS Revenue Rulings. Table of IRS Revenue Procedures. Index.
