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

Author: Clark Nuber, Kathryn Okimoto, Lisa McCreedy

CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for OTRPs

Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2025 to receive credits

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

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None

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