COURSE SYLLABUS & OUTLINE

Transcription

1 COURSE SYLLABUS & OUTLINE Course Title: Quarter: Instructor: Meeting Times: Location: Office Hours: MGMT X Fall Quarter 2016 Louis E. Michelson, Esq., MSA, JD, Law Offices of Louis E. Michelson, APC Wednesday, 6:30 9:30 pm September 21 December 14, 12 meetings UCLA Extension: 2242 School of Public Affairs Building By appointment (310) Course Description: Designed for CPAs, attorney s, Enrolled Agents, tax managers, controllers, directors, trustees, financial planners, and executive directors, this course presents tax-related compliance guidelines and key legal issues for nonprofit organizations. Topics covered include a step-by-step process for corporate formation and application for recognition of tax-exempt status, including the new streamlined application (Form 1023-EZ), unrelated business income, taxation of commercial activities conducted through joint ventures and subsidiaries, and federal income tax issues concerning the prohibition on private inurement and private benefit. Learn a systematic approach to evaluating compliance with federal tax requirements and state nonprofit laws, including the Nonprofit Integrity Act of 2004 and the Pension Protection Act of 2006, as well as understanding and troubleshooting the revised Form 990. The course also covers the support tests for public charities and private foundation excise tax rules, property tax exemptions, sales taxes and issues unique to schools and churches. It also introduces how nonprofits can navigate the IRS s increased focus on governance, both with respect to required policies and procedures.

2 Goals & Objectives: The course will introduce the participant to fundamentals of federal income taxation of nonprofit organizations and compliance with federal tax and California nonprofit laws, including governance matters. Required Readings: Course Text: Advising California Corporations (CEB, Third Edition): it can be purchased directly from CEB (800) by asking for product BU Please note: purchase of the course text is OPTIONAL; how to obtain free online access to this book during the Fall Quarter 2016 will be discussed in the first class. will be provided You will need to access and print the Form 990 and all of its schedules and the instructions to Form 990, selected IRS publications, selected State Board of Equalization publications and selected forms and publications available at the website of the California Attorney General.

3 Grading: Course grades will be based on participation and completion of assignments as follows: 1 Midterm Exam 35% 2 Final Examination 50% 3 Participation (and pop quizzes) 15% Total 100% Pop quizzes, if submitted for grading, may be used towards class participation. The examinations will be graded on a class curve. The following grade distribution will be used in determining the final grade for the course: A B C D F Below 60 Please note that ALL COURSE GRADES ARE FINAL. Students are expected to: 1. Read all assigned reading prior to attending class. 2. Turn off all cell phones and pagers. 3. Be courteous to all others and tolerant of all points of view. 4. Be responsible for the topics covered including the materials assigned, lecture notes, class discussion, handouts and materials discussed in class. IT IS YOUR RESPONSIBILITY to obtain missing materials and lecture notes if a class is missed. Incompletes: The interim grade Incomplete may be assigned when a student's work is of passing quality, but a small portion of the course requirements is incomplete for good cause (e.g. illness or other serious problem). It is the student s responsibility to discuss with the instructor the possibility of receiving an I grade as opposed to a non-passing grade. The student is entitled to replace this grade by a passing grade and to receive unit credit provided they complete the remaining coursework satisfactorily, under the supervision of and in a time frame determined by the instructor in charge, but in no case later than the end of the next academic quarter. At that time, the Registrar will cause all remaining Incompletes to lapse to the grade "F". Note: Receiving an I does not entitle a student to retake all or any part of the course at a later date. Student Behavior involving cheating, copying other s work, and plagiarism are not tolerated and will result in disciplinary action. Students are responsible for being familiar with the information on Student Conduct in the General Information Section of the UCLA Extension Catalog or on the website at

4 UCLA Extension Management X Fall 2016 Course Syllabus Instructor: Louis E. Michelson, Esq, MSA, CPA, JD Law Offices of Louis E. Michelson, A Professional Corporation (310) Class Schedule and Reading Assignments (subject to modification as warranted). All Chapter references are to CEB text book: Date Meeting Lecture Topic Readings & Assignments 9/21/16 1 Formation and Obtaining Recognition of Tax-Exemption Chapter 2: Choice of Entity Considerations Chapter 3: Obtaining Tax Exemption Chapters 5, 6, 7 and 9 (optional) 09/28/16 2 Maintaining Tax-Exempt Status Chapter 13: Nonprofit Operations Chapter 14: Regulation of Fundraising Chapter 19: Legislative and Political Activities 10/5/16 3 Form income - support tests Chapter 12: Required Tax Filings, Recordkeeping, Reporting and Rights of Inspection 10/12/16 No Class this week 10/19/16 4 Form expenses - governance 10/26/16 5 Assisting the Noncompliant Nonprofit Chapter 12: Required Tax Filings, Recordkeeping, Reporting and Rights of Inspection 11/2/16 6 Midterm Examination Review of Examination Mid-course Evaluation

5 UCLA Extension Management X Fall 2016 Course Syllabus Instructor: Louis E. Michelson, Esq, MSA, CPA, JD Law Offices of Louis E. Michelson, A Professional Corporation (310) Date Meeting Lecture Topic Readings & Assignments 11/9/16 7 Unrelated Business Taxable Income: - basics - advanced topics: joint ventures and subsidiaries 11/16/16 8 Religious and Educational Organizations Property and Sales Taxes 11/23/16 9 Government Oversight: Attorney General Nonprofit Integrity Act of /30/16 10 Private Foundations - Excise taxes - Form 990-PF 12/7/16 11 Recent developments: Pension Protection Act of 2006 Deductibility and Disclosure Chapter 17: Taxation of Business Activities Chapter 8: Sales and Use Tax Chapter 11: Property Tax Exemption SBE Publication 149: Property Tax Welfare Exemption IRS Publication 48: Churches and Religious Organizations California Guide to Charities Chapter 4: Donor Funds, Private Foundations and Supporting Organizations Chapter 15: Charitable Giving 12/14/16 12 Final Examination