Private Foundation Update & Form 990-PF (Currently Unavailable)

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

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