BEGIN:VCALENDAR VERSION:2.0 PRODID:-//jEvents 2.0 for Joomla//EN CALSCALE:GREGORIAN METHOD:PUBLISH BEGIN:VTIMEZONE TZID:America/Los_Angeles X-LIC-LOCATION:America/Los_Angeles BEGIN:DAYLIGHT TZOFFSETFROM:-0800 TZOFFSETTO:-0700 TZNAME:PDT DTSTART:19700308T020000 RRULE:FREQ=YEARLY;BYMONTH=3;BYDAY=2SU END:DAYLIGHT BEGIN:STANDARD TZOFFSETFROM:-0700 TZOFFSETTO:-0800 TZNAME:PST DTSTART:19701101T020000 RRULE:FREQ=YEARLY;BYMONTH=11;BYDAY=1SU END:STANDARD END:VTIMEZONE BEGIN:VEVENT UID:d2502c4ae6ed1f9075ccfbaf2d512c83954 CATEGORIES:Wednesday Webinar Series SUMMARY:CSTC Academy: Wednesday Webinar Series - Nonprofit Joint Ventures: Partnering with For-Profit Organizations DESCRIPTION:
Cost: Member: $40 / Non-Member: $70
Speaker: Louis Michelson, Esq
2 Federal Law hours
IRS: 18QC1-
T-01516-21-O
CTEC: 1000-CE-4914
Session Description:
This topic includes critical issues for nonprofit joint ventures
: identifying potential loss of exempt status, unrelated business income ta
x, partnership tax reporting and other tax reporting, for-profit subsidiari
es and planning for maintaining separate corporate identity. This topic exp
lains the tax principles involved with joint ventures and for-profit subsid
iaries and joint venture policies.
Knowledge Level: Adv anced
Learning Objectives:
#1: One primary area that nonprofits should consider before enter ing into a joint venture are income tax issues. Preliminarily, one needs to understand what the IRS considers to be a joint-venture. Next, one should appreciate that there are tax risks associated with a nonprofit’s participa tion in joint ventures. One risk includes possible loss of tax-exemption. T here are a number of tests to evaluate whether exemption is being place at risk. One also needs to consider whether activities will trigger unrelated business income tax.
#2: One subject area critical to nonprofit joint ventures is partnership taxation. Allied with this mode of taxation are sp ecialized rules of partnership tax reporting. Management of nonprofits need s to understand how income from a joint venture is passed through to the me mbers of the joint venture. This presentation will also discuss the usefuln ess of for-profit subsidiaries, agency relationships and maintaining a sepa rate corporate identity.
#3: This presentation will explain the repor ting of joint ventures on Schedule R of Form 990. It introduces the definit ion of control in different contexts: including brother-sister related orga nizations and where there is indirect control. Part VI of Form 990 requires certain disclosures of a written policy or procedure that an organization uses in evaluating its participation in joint venture arrangements. This pr esentation reviews elements that should be included in a joint venture poli cy and planning considerations.
Louis Michelson, Esq
Louis
E. Michelson focuses his practice on income tax planning, charitable givin
g and other federal, state and local taxation issues for individuals, corpo
rations and tax-exempt organizations. Mr. Michelson advises public charitie
s, private foundations, religious and educational organizations, and other
nonprofit organizations on issues of formation, management, joint ventures,
planned giving and board governance. He also has extensive experience with
income tax planning for business transactions and estate planning.Mr. Mich
elson is AV® Peer Review Rated by Martindale-Hubbell effective December,
span>2003.
Mr. Michelson received his B.A. De
gree, with general honors from the University of Chicago, his M.S. in Accou
ntancy from DePaul University and his J.D. degree from UCLA School of Law.
He has been admitted to practice with the U.S. Tax Court and the United Sta
tes District Court, Central District of California.
Mr. Michelson is Immediate Past Chair of the Nonprofit Organizations Committee of the Business Law Section of the California Lawyers Association. He has s erved as Chair of the Tax-Exempt Organizations Committee of the Taxation Se ction of the State Bar of California, as Co-Chair of the Nonprofit Organiza tions Committee of the Business Law Section of the State Bar of California and as Chair of the Taxation Section of the Los Angeles County Bar Associat ion. In May 2001 he participated in the Los Angeles County/California State Bar delegation to the Internal Revenue Service, Treasury and staff of the Congressional tax committees in Washington D.C. to discuss pro posed guidance, as set forth in a co-authored paper, “Getting Connected: Bu siness and Politics of Charities on the Internet.” Together with other atto rneys, he assisted in reviewing and suggesting revisions to portions of the California Attorney General’s Guide to Charities. Mr. Michelson is a lectu rer at UCLA Extension on tax issues for nonprofit organizations. He is also Adjunct Professor at David Nazarian College of Business and Economics Cali fornia State University Northridge for a class on income taxation of trusts and estates. He has lectured for business and professional organizations a nd written articles on various federal and California tax topics. He is a m ember of the American Bar Association, California Lawyers Association, and Los Angeles County Bar Association