PROED 524 - Nonprofit Tax and Legal Compliance: Protecting your Exempt Status

Every nonprofit corporation board and executive management team must understand the federal and state regulatory environment in order to avoid sanctions, liability, and possible revocation of tax exemption. Prepare yourself as we define many misunderstood terms such as nonprofit and foundation; instruct board members how to shield themselves from liability; identify the role of the Utah Attorney General; provide guidance on post-incorporation formalities; describe the role of members and whether they are necessary; analyze Utah's charitable solicitation laws and how to avoid criminal and civil penalties; highlight advantages and disadvantages of exempt status; point out chances of an IRS audit and how to respond if an audit occurs; explain tax laws concerning fundraising and charitable giving; and much more.