Self-Dealing: Tales from the Trenches
Author: Clark Nuber, Sarah Huang, Celia Davis
| 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 12/31/2027 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
The self-dealing rules come as a surprise to many private foundations. Transactions that seem innocent can often leave the foundation and its disqualified persons with a mess to clean up. Join us for a deep dive into the world of self-dealing. We will cover who is a disqualified person, the specific acts of self-dealing and common exceptions to the rules. Time will also be spent walking through several real-life case studies to show how the best intended transactions can yield negative results. Last, we will cover the reporting requirements when self-dealing occurs and recommended strategies to ensure it doesn’t happen again.
Publication Date: September 2024
Topics Covered
- History of the Private Foundation Rules
- Identifying the Disqualified Persons
- Self-Dealing Acts and Permitted Exceptions
- Steps for Correction and Form 4720 Filing
- Case Studies
- Planning to Avoid Self-Dealing
Learning Objectives
- Identify all disqualified persons of the foundation and put measures in place to prevent self-dealing transactions
- Recognize when a self-dealing transaction occurs and know appropriate steps to correct the transactions
- Identify mitigation strategies a foundation can implement to prevent self-dealing transactions
- Identify the de minimis exception to the act of self-dealing
- Identify the max penalty (per tier) for a foundation manager with respect to self-dealing
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
