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Preparing Philanthropic Clients for Tax Season

Gain a better understanding of each excise tax and how items related to those excise taxes are reported on a private foundation's return.

The excise taxes applicable to private foundations are difficult and confusing, and private foundation tax returns are riddled with traps for the unwary. Mistakes on form 990-PF can cost a private foundation, and the foundation's managers, dearly. This material will guide those advising private foundations and those preparing private foundation tax returns through challenging topics such as the taxes on net investment income, undistributed income, self-dealing, taxable expenditures, and more. We will first provide you with an understanding of each excise tax and how items related to those excise taxes are reported on a private foundation's return, and review the most common mistakes that we have found on private foundation tax returns to ensure that you do not make those same mistakes. This information is absolutely critical for anyone preparing a private foundation tax return or anyone representing a private foundation.

Runtime: 98 minutes
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Net Investment Income Excise Tax - SEC. 4940

  • What Is and Is Not Net Investment Income?
  • Deductions
  • Qualifying for Reduced Tax Rate
  • Common Mistakes
  • Reporting Net Investment Income on Form 990-PF

Undistributed Income Excise Tax - SEC. 4942

  • Calculating the Minimum Distribution Requirement (the 5% Rule)
  • What Are Qualifying Distributions?
  • Effect on Current and Following Tax Years
  • Common Mistakes
  • Minimum Distribution Requirements on Form 990-PF

Reporting Violations of Private Foundation Rules - Chapter 42

  • Self-Dealing (§4941); Minimum Distributions (§4942); Excess Business Holdings (§4943); Jeopardizing Investments (§4944); and Taxable Expenditures (§4945)
  • How to Complete Part Vii-B
  • Common Self-Dealing Mistakes
  • Understanding the Excess Business Holdings and Jeopardy Investment Rules
  • Common Taxable Expenditure Mistakes
  • Form 4720 Penalty Returns

Private Foundation Activities - Part VII-A

  • Reporting Changes to Organizational Documents
  • Unrelated Business Gross Income
  • Reporting Substantial Contributors
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on June 19, 2019.

Call 1-866-352-9540 for further credit information.

  • Enrolled Agents 2.0
     
  • This program qualifies for 2.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

William A. Stetson

William A. Stetson

William Stetson, P.L.

  • Managing partner of Law Office of William Stetson, PLLC
  • Practice emphasizes family office administration, estate and income tax planning, representation of family owned business entities, representation of charitable entities
  • President of Giving Smarter, LLC, a newly launched private foundation management company
  • J.D. degree, Florida State University, LL.M. degree in taxation, University of Florida
  • Can be contacted at [email protected], [email protected], or 561-427-6644
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Product ID: 405479
Published 2019
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