Tax-exempt status is a privilege and not a right. Obtaining and maintaining an organization’s exempt status is a complex process requiring operation and compliance within an expansive set of rules set forth under Subchapter F of the Internal Revenue Code. As a result, tax-exempt status does not mean tax simplicity.
Unfortunately, we have observed an ever-increasing number of organizations whose advisors simply do not appreciate and understand the gravity of the requirements mandated by governing laws. This lack of attention can lead to difficult problems with tax authorities, ranging from under reporting the organization’s unrelated business income to loss of exempt status. Clearly, such occurrences can create difficult situations which impede the organization’s ability to carry out its exempt purpose.
Quality tax advisory and compliance services are a necessity for Boards of Directors and management to fulfill their fiduciary obligations to the exempt organizations they serve. Failure to meet these needs is not acceptable on any front, and Grossman Yanak & Ford LLP tax specialists have the expertise and experience to handle all aspects of taxation related to tax-exempt organizations.
Areas in which we provide specific services for tax-exempt organizations include:
- Filing for determination of exempt status
- Planning and compliance for public capital drives
- Planning for unrelated business income
- Planning and compliance for prohibited transactions
- Planning and compliance for related party transactions
- Restructuring with related taxable entities
- Charitable donation reporting and compliance
- State tax-exempt rules analysis and compliance
- Designing charitable giving strategies for organizational donors
- Representation before the IRS and state tax authorities