Private Foundation Update & Form 990-PF

Authored by Jane Searing
About this Course
Topics covered include: Private foundation tax reporting and challenges to the Form 990-PF; Purpose and layout of Form 990-PF; Alternatives for proper reporting of contributions and sales of appreciated stock under various accounting methods; Alternatives for proper reporting of contributions and sales of appreciated stock under various accounting methods Calculating the reduced excise tax rate on net investment income; Alternatives for proper reporting of contributions and sales of appreciated stock under various accounting methods Calculating the reduced excise tax rate on net investment income What is and is not a deductible net investment expense; What does and does not count as a qualifying distribution; What does and does not count as a qualifying distribution; Reporting direct charitable expenditures; Grants to non-public charities and the additional reporting requirements; Grants to non-public charities and the additional reporting requirements Tips for Board review of the Form 990-PF. Upon completing this course, you should be able to: Identify and apply key tax challenges impacting private foundations; Recognize practical updated understanding of the Form 990-PF and its purposes; Differentiate the questions and disclosures required on the Form 990-PF; Identify purposes of Form 990-PF; Recognize reasons it's difficult for private foundation to qualify for the 1% reduced excise tax; Recognize reasons it's difficult for private foundation to qualify for the 1% reduced excise tax; Identify when a foundation is required to file Form 4720; Calculate Adjusted net income (ANI) on Form 990-PF Part 1, column c; Calculate Adjusted net income (ANI) on Form 990-PF Part 1, column c; Differentiate relevant items for private nonoperating foundations; Calculate Adjusted net income (ANI) on Form 990-PF Part 1, column c; Differentiate relevant items for private nonoperating foundations; Recognize changes brought by the Bipartisan Budget Act of 2018; Identify how an organization should operate to be considered a private operating foundation; Recognize what capital losses are limited to on Form 990-PF, Part 1 and IV; Describe the number of years a private nonoperating foundation can carry forward excess qualified distributions; Describe the number of years a private nonoperating foundation can carry forward excess qualified distributions; Identify when a foundation must use ANI for the income test; Differentiate tests required to qualify as a private operating foundation; Differentiate tests required to qualify as a private operating foundation; Recognize the minimum investment return is not used for; Identify the requirements for stock that is donated to a private foundation; Identify the requirements for stock that is donated to a private foundation; Identify when Form 990-PF, Part XI, MIR to Distributable Amount is not applicable to a private foundation; Recognize when the reduced tax on net investment income does not apply.
$ 51.00
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NASBA Field of Study
Taxes
Level
Update
CPE Credits
2.0
Prerequisites
Basic experience with Private Foundations and Form 990PF.
Last Updated
04/30/2018
13611