Private Foundations and Form 990-PF Basics Webcast | 4202925A
Review private foundation excise tax rules and their implications for the completion of Form 990-PF. Discuss the excise taxes in conjunction with applicable parts of Form 990-PF and applicable questions. Learn the differences between non-operating (grant making foundations) and operating foundations; different private foundation excise taxes; and the significance of columns (a)-(d) in Part I of the form as well as expense allocation in Part I which includes allocation of indirect costs between net investment income and charitable expenses.
Receive an overview of the expenditure responsibility requirements for foreign grants and grants to domestic private foundations, the income distribution calculation and the unrelated business income tax (UBIT), including a discussion of state filing. Finally, learn the implications of The Tax Cuts and Jobs Act (TCJA) on private foundations.
Private foundation excise taxes Fair market value of the foundation's assets Income distribution requirements Self-dealing and transactions with disqualified persons Foreign grant making Unrelated business income tax
Recognize transactions where excise tax rules are applicable to private foundations. Identify differences between grant making and private operating foundations. Recall how organizations qualify for the one-percent rate of the Section 4940 excise tax on investment income. Determine the average fair market value calculation for cash and securities. Recognize additional reporting requirements for foreign grant expenses and grants to other U.S. private foundations. Identify fundamentals of the unrelated business income tax (UBIT) and understand the implications of TCJA provisions effecting offsetting of income versus losses from alternative investments and changes to net operating loss reporting.
CPAs, attorneys and consultants.
Applicable if you are a HSCPA member in good standing.
Applicable if you are not a HSCPA member.