Form 990PF: Overview of the Basics and Tax Return Walk thru (Completed)

Date: Tuesday, January 25, 2022
Instructor: Clark Nuber, Kathryn Okimoto, Lisa McCreedy
Begin Time:  9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
CPE Credit:  2 hours for CPAs

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.

Who Should Attend
CPAs, CFOs, auditors, bookkeepers, staff accountants and others working with not-for-profit entities.

Topics Covered

  • Brief overview of private foundations
  • Form 990‐PF preparation cautions and common mistakes
  • Annual payout requirement under IRC section 4942 and common payout strategies
  • Calculation of the net investment excise tax under IRC section 4940 and proper estimated tax payments
  • Questions and interdependencies on the Form 990‐PF
  • Overview of private foundation prohibitions under IRC sections 4941 - 4945

Learning Objectives

  • Identify and apply key tax challenges impacting private foundations
  • Recognize the parts of Form 990-PF and how they apply
  • Differentiate the questions and disclosures required on the Form 990-PF
  • Recognize how to properly calculate the annual distribution requirement and identify planning strategies for the future


Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites

Advance Preparation

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