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This program was recorded on January 15, 2020
In order to fulfill their mission and obtain funding, most nonprofits must obtain 501(c)(3) tax-exempt status. After the IRS grants a nonprofit tax-exempt status, there are many ongoing compliance requirements that are required in order to keep the status. As volunteer organizations, many nonprofits simply don’t understand the requirements and fail to keep proper records or file their annual informational returns. This presentation will inform practitioners on how to help their clients avoid losing tax-exempt status and how to reinstate their status when necessary.
Nikki Semanchik is the Founding Attorney of Semanchik Law Group, Inc., a business and nonprofit firm located in San Diego, California. Nikki started out her legal career advising small businesses and individuals in need of estate planning. An interest in international law and her background in immigration led her to represent multi-national high-net-worth individuals with business law, asset protection and tax planning. After assisting clients with tax planning through the formation of private foundations and charitable trusts, Nikki found herself drawn to the specialty area of nonprofit law. She now assists nonprofit organizations with formation, compliance, and governance.
1 General Credit
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- Benefits of 501(c)(3) Status
- Preliminary Requirements for Qualifying for 501(c)(3) Status
- Record Keeping
- IRS Annual Filing Requirements
- Public Disclosure Requirements
- Auto Revocation
- Reinstatement Process
- Potential IRS Penalties
- Additional Reasons for Revocation
- Effect of Loss of Tax-Exempt Status
- State Filing Requirements