Form 990PF: Tax Return Walk through and Overview of the Basics

Author: Clark Nuber, Celia Davis, Lisa McCreedy

Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2028 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 2025

Designed For
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
• 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 type of private foundation that is generally impacted by required minimum distribution requirements

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None