Form 990PF: Tax Return Walk through and Overview of the Basics
Author: Celia Davis, Lisa McCreedy, Clark Nuber
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2026 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
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 2024
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
- Recognize how to 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
- Identify the method of accounting used to determine qualifying distributions
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
