aenc tax compliance & reporting update september 2015
TRANSCRIPT
![Page 1: AENC Tax Compliance & Reporting Update September 2015](https://reader033.vdocuments.net/reader033/viewer/2022051710/5a6eac147f8b9a38568b4fa1/html5/thumbnails/1.jpg)
Tax Compliance & Reporting Update
September 11, 2015
![Page 2: AENC Tax Compliance & Reporting Update September 2015](https://reader033.vdocuments.net/reader033/viewer/2022051710/5a6eac147f8b9a38568b4fa1/html5/thumbnails/2.jpg)
Today’s Topics
New Tax Deadlines Alternative Investments Common Form 990 Errors
![Page 3: AENC Tax Compliance & Reporting Update September 2015](https://reader033.vdocuments.net/reader033/viewer/2022051710/5a6eac147f8b9a38568b4fa1/html5/thumbnails/3.jpg)
New Tax Deadlines
Highway Trust Fund Extension• Effective for tax years beginning after 12/31/2015
Revised Extension Periods• Employee Benefit Plans – Automatic 3 ½ month extension• Exempt Organizations – Automatic 6-month extension• FinCEN 114 – New 6 month extension
Also includes changes relevant to for-profit subsidiaries
![Page 4: AENC Tax Compliance & Reporting Update September 2015](https://reader033.vdocuments.net/reader033/viewer/2022051710/5a6eac147f8b9a38568b4fa1/html5/thumbnails/4.jpg)
Alternative Investments
Investments that are not stocks, bonds, or cash• Reported on Form 990, Part X, Line 12
Why do we care?•Unrelated business income•Character of income passes through to NFP•May require 990-T and state income tax filings•S Corp income is “per se” UBI (IRC Sec. 512(e))
![Page 5: AENC Tax Compliance & Reporting Update September 2015](https://reader033.vdocuments.net/reader033/viewer/2022051710/5a6eac147f8b9a38568b4fa1/html5/thumbnails/5.jpg)
Alternative Investments
![Page 6: AENC Tax Compliance & Reporting Update September 2015](https://reader033.vdocuments.net/reader033/viewer/2022051710/5a6eac147f8b9a38568b4fa1/html5/thumbnails/6.jpg)
Alternative Investments
Reporting is keyed off of Schedule F, Part IV
•Secondary effect of alternative investments
•Ownership in a foreign • Corp• Trust• Partnership• Passive Foreign Investment
Company
•Penalties for failure to disclose are severe
![Page 7: AENC Tax Compliance & Reporting Update September 2015](https://reader033.vdocuments.net/reader033/viewer/2022051710/5a6eac147f8b9a38568b4fa1/html5/thumbnails/7.jpg)
Common Tax Filing Issues
Accurate reporting of Form 990• Take time to understand and evaluate:
• Gross receipts• Compensation• Highest compensated independent contractors• Grants and other assistance
7
![Page 8: AENC Tax Compliance & Reporting Update September 2015](https://reader033.vdocuments.net/reader033/viewer/2022051710/5a6eac147f8b9a38568b4fa1/html5/thumbnails/8.jpg)
Common Tax Filing Issues – Gross Receipts
Gross Receipts
8
![Page 9: AENC Tax Compliance & Reporting Update September 2015](https://reader033.vdocuments.net/reader033/viewer/2022051710/5a6eac147f8b9a38568b4fa1/html5/thumbnails/9.jpg)
Common Tax Filing Issues - Compensation
9
![Page 10: AENC Tax Compliance & Reporting Update September 2015](https://reader033.vdocuments.net/reader033/viewer/2022051710/5a6eac147f8b9a38568b4fa1/html5/thumbnails/10.jpg)
Common Tax Filing Issues – Highest Compensated Contractors
10
![Page 11: AENC Tax Compliance & Reporting Update September 2015](https://reader033.vdocuments.net/reader033/viewer/2022051710/5a6eac147f8b9a38568b4fa1/html5/thumbnails/11.jpg)
Common Tax Filing Issues – Grants and Other Assistance
11
![Page 12: AENC Tax Compliance & Reporting Update September 2015](https://reader033.vdocuments.net/reader033/viewer/2022051710/5a6eac147f8b9a38568b4fa1/html5/thumbnails/12.jpg)
Questions?
12
? ??
?
?
?
![Page 13: AENC Tax Compliance & Reporting Update September 2015](https://reader033.vdocuments.net/reader033/viewer/2022051710/5a6eac147f8b9a38568b4fa1/html5/thumbnails/13.jpg)
Thank you for your participation!
John Huskins, CPATax Senior Manager
Johnson Lambert LLP
919-719-6431
13