Private Foundations and Self-Dealing (Completed)

Date: Wednesday, April 18, 2018
Instructor: Jane Searing
Begin Time:  9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

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 Attend
CPAs, enrolled agents, foundation managers, tax return preparers, tax attorneys and private foundations and their donors.

Topics Covered

  • Impact transactions between private foundations and their disqualified persons
  • Status of current IRS rulings and the Priority Guidance Plan regarding self-dealing
  • How to correct and report acts of self-dealing when the occur

Learning Objectives

  • Identify the basics of what constitutes direct and indirect self-dealing transactions
  • Recognize and gain practical knowledge of preventative controls for avoiding self-dealing


Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites

Advance Preparation

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