Self-dealing may be the least understood and most commonly triggered Chapter 42 penalty. It is what can go wrong when everyone is trying to do the right thing. Private foundations must identify their disqualified persons and implement policies and procedures to safeguard them from inadvertently committing acts of self-dealing. Self-dealing is not only the subject of penalties on the disqualified persons which may not be abated by the IRS, the transaction must be reversed. Also, if management had knowledge, there are potential penalties on management. Because the consequences are severe those charged with oversight need to be well informed and vigilant.
This session will cover recent rulings, updates, and best practices in policies and procedures for preventing self-dealing.
Who Should AttendCPAs, enrolled agents, foundation managers, tax return preparers, tax attorneys and private foundations and their donors.
Instructional MethodGroup: Internet-based
NASBA Field of Study
Taxes (2 hours)