Form 990-PF: Meeting IRS Demands for Fiscal, Grant, and Other Data From Private Foundations
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE video webinar with Q&A
This course will prepare accounting and tax advisers for private foundations to handle all aspects of Form 990-PF compliance with a thorough review of the material requirements and instructions. The panel will discuss potential risk areas for tax professionals in preparing the return and advising clients on best practices for operating the foundation.
- Form 990-PF
- Critical compliance challenges faced with Form 990-PF
- Calculation of net investment income
- Calculation of qualifying distributions
- Calculation of minimum distribution requirement
- Disclosing program activities (direct charitable activities, program-related investments, and grants)
- Operating foundations
- Best practices to avoid Chapter 42 penalty taxes
- Undistributed income
- Excess business holdings
- Jeopardizing investments
- Taxable expenditures
- Current developments - The ACE Act and DAFs
The panel will provide insights and guidance on these and other critical aspects of Form 990-PF:
- What distributions are considered qualified distributions for the five percent test?
- When is a private foundation required to remit estimated tax payments?
- How is undistributed income tracked, and when should it be distributed?
- How is Section 4940 net investment income tax calculated and reported for a private foundation?
Christopher D. Petermann
PKF O'Connor Davies
Mr. Petermann is a Partner of the Firm and serves as Co-Partner-in-Charge for the Private Foundation Practice. He has... | Read More
Mr. Petermann is a Partner of the Firm and serves as Co-Partner-in-Charge for the Private Foundation Practice. He has over 30 years of specialized experience in accounting for exempt organizations and private foundations, as well as closely-held businesses and financial services entities. He also holds a number of professional committee and community board positions.Close
Thomas F. (Tom) Blaney, CPA, CFE
PKF O'Connor Davies
Mr. Blaney is a Partner of the Firm and Director of the Private Foundation Practice. He has spent more than 25 years... | Read More
Mr. Blaney is a Partner of the Firm and Director of the Private Foundation Practice. He has spent more than 25 years specializing in the accounting and tax aspects of exempt organizations.Close
Jake Cook, CPA
Nonprofit Tax Managing Director
Mr. Cook specializes in his firm’s tax-exempt practice and is part of his firm’s nonprofit industry team.... | Read More
Mr. Cook specializes in his firm’s tax-exempt practice and is part of his firm’s nonprofit industry team. His clients are primarily nonprofit organizations including charities, foundations, trade associations, social welfare organizations and hospitals and healthcare organizations. He presents at national trainings on nonprofit topics.Close