Not-for-Profit Accounting, Tax, and Reporting Requirements

Everything your nonprofit needs to know about accounting, tax, and reporting requirements As every organization ultimately discovers, not-for-profit status does not simplify but rather seems to complicate financial structure and reporting obligations. These challenges, however, can be well met. Now in a Fourth Edition, Not-for-Profit Accounting, Tax, and Reporting Requirements offers not-for-profit managers, bookkeepers, and volunteers, as well as auditing CPA firms, a peerless reference for this dynamic field. Filled with dozens of checklists, sample letters, and illustrative charts demonstrating how to apply the principles and requirements described in practice, this step-by-step guide helps not-for-profits apply for tax-exempt status, handle IRS audits, set up a wholly owned taxable subsidiary, anticipate tax implications of lobbying expenses, and perform a host of other functions. Completely revised and expanded, the Fourth Edition features new coverage on: The basics of complying to the new Form 990 Political action committees New lobbying issues Grant accounting Complying with OMB Circular A-122 Yellow Book accounting Fiduciary responsibilities of boards and staff And much more! The accounting principles, tax issues, reporting requirements, and general work environment for not-for-profit organizations are remarkably different from those affecting commercial organizations. As a result, the task of keeping up with current financial and disclosure requirements, already daunting, can become even more so. Providing the latest regulatory information, Edward McMillan delivers a one-stop reporting resource for not-for-profits in Not-for-Profit Accounting, Tax, and Reporting Requirements, Fourth Edition.