Private Foundation Update & Form 990-PF

Author: Jane Searing

CPE Credit:  2 hours for CPAs
2 hours Federal Tax Law Updates for EAs and OTRPs
2 hours Federal Tax Updates for CTEC

Private foundations continue to face significant compliance challenges. This helpful two-hour seminar is presented by one of the country's leading tax-exempt organization practitioners Jane Searing, CPA, M.S. Taxation, offers a practical examination of the latest federal tax developments, compliance issues, and planning opportunities to help private foundations navigate today's compliance challenges. Searing, co-author of the Private Foundation Handbook and Compliance Guide published by Wolters Kluwer, will help you get up-to-date on the most recent developments and hear the latest on Form 990-PF reporting requirements.

Although private foundations use a variation of the Form 990, the Form 990-PF is a very different filing. The Form 990-PF has four primary purposes:
• Calculating and payment of the net investment income excise tax under IRC Section 4940
• Calculating and reporting qualifying distributions for charitable purposes as required by IRC Section 4942
• Calculating and reporting whether the foundation qualifies as an operating foundation
• Voluntary reporting whether there have or have not been any violations of the other IRC Section 4941 through 4945 private foundation rules.

This timely two-hour course will provide you with an updated practical review of the Form 990-PF, discuss common transactions, pitfalls to watch for, and little understood reporting complexities.

Publication Date: December 2019

Designed For
Private foundation compliance officers, CPAs, enrolled agents, tax return preparers, tax attorneys and financial advisors who work with tax-exempt organizations.

Topics Covered

  • Brief overview of private foundations
  • Form 990‐PF preparation cautions
  • Methods for Reporting Appreciated Stock
  • Calculating the reduced excise tax rate on net investment income
  • The questions and interdependencies on the Form 990‐PF
  • Legislative & Treasury updates

Learning Objectives

  • Identify and apply key tax challenges impacting private foundations
  • Recognize practical updated understanding of the Form 990-PF and its purposes
  • Differentiate the questions and disclosures required on the Form 990-PF
  • Identify which type of foundation is exempt from excise tax on net investment income
  • Differentiate IRC Section prescribes guidance relating to taxes on failure to distribute income
  • Recognize the parts of Form 990-PF and how they apply
  • Describe net operating losses
  • Identify the most common type of private foundations


Instructional Method

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Basic experience with Private Foundations and Form 990PF.

Advance Preparation

Registration Options
Regular Fee $59.00

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