Form 4720 Private Foundation Excise Tax Return: Reporting Taxable Violations
Tying Excise Tax Return to Form 990-PF, Calculating Tax on Foundation and Individuals
Recording of a 110-minute CPE webinar with Q&A
This course will provide tax advisers to private foundations with a thorough and practical guide to completing Form 4720 Private Foundation Excise Tax Return. The panel will discuss how to identify acts in violation of tax codes 4941-4946 by a private foundation, consider requirement that acts be “corrected,” detail how to calculate excise tax arising from taxable spending both for the foundation and involved persons, and outline where to report taxable transactions on Form 4720.
- Identify transactions that may cause imposition of excise tax and the exceptions that may lift the obligation to pay excise tax.
- Study and learn how to respond to complex questions on Form 990-PF, Part VII-B.
- Discuss issues presented by Form 4720 layout and schedules.
- Understand how to calculate tax on organization.
- Learn to identify persons subject to tax – managers, self-dealers, disqualified persons, donors, donor advisors, and related persons
The panel will discuss these and other important topics:
- Determining whether the foundation has met the minimum distribution requirements
- Identifying triggers in the foundation’s records and Form 990-PF filings that lead to a Form 4720 reporting and calculation requirement
- Referencing back violations to the Code Section to ensure accurate calculation of the tax
- Knowing what violations require filings by related persons as well as the private foundation
Jody Blazek, CPA
Blazek & Vetterling
Ms. Blazek's firm specializes in tax and financial services for exempt organization clients and their... | Read More
Ms. Blazek's firm specializes in tax and financial services for exempt organization clients and their partners. She previously chaired the AICPA's Tax-Exempt Organizations Resource Panel, sits on the AICPA's task forces on IRS Forms 990 and 1023, and has written several books on non-profit organization topics.Close
Nancy E. McGlamery
Adler & Colvin
Ms. McGlamery's clients include public charities, private foundations, grantmakers, nonprofit service providers,... | Read More
Ms. McGlamery's clients include public charities, private foundations, grantmakers, nonprofit service providers, individual and corporate donors, nonprofit advocacy groups, and others. Her practice emphasizes corporate governance and federal and state tax law matters unique to nonprofit and tax-exempt organizations.Close