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Form 990PF: Overview of the Basics and Tax Return Walk thru, by Wolters Kluwer

Form 990PF: Overview of the Basics and Tax Return Walk thru is brought to you by Wolters Kluwer

Private foundations face significant compliance challenges that can have serious consequences if not properly managed. While still a type of charitable organization under IRC section 501(c)(3), private foundations have an additional set of compliance rules including an entirely different annual tax return filing. This course offers a practical overview of the compliance issues, planning opportunities to mitigate risks going forward, and insights on the annual Form 990-PF tax return for foundations.

Publication Date: January 2022

Designed For
CPAs, CFOs, auditors, bookkeepers, staff accountants and others working with not-for-profit entities.

Topics Covered

  • Overview of Private Foundations
  • Types of Foundations
  • Code Sections
  • Considerations for Foundations
  • Form 990-PF Overview
  • Common Mistakes and Interdependencies
  • Payout Requirements and Strategies
  • IRC 4940 – 4945

Learning Objectives

  • Identify and apply key tax challenges impacting private foundations
  • Recognize the parts of Form 990-PF and how they apply
  • Identify the private foundation that does not require advance qualification to qualify to be a PF
  • Recognize the IRC that includes information with respect to jeopardizing investments
  • Identify the accounting method used for net investment income and unrelated business taxable income
  • Recognize the type of business excluded from the concept of a business enterprise
  • Describe over what amount the TCJA created a new excise tax on parachute payments

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