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Live Webinar

100-minute live streaming program
  • June 19
  • 1:00 - 2:40 pm EST

Preparing Philanthropic Clients for Tax Season

June 19

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.

Learning Objectives

  • You will be able to recognize red flags that may result in private foundations and foundation managers being subject to excise taxes.
  • You will be able to identify the most common mistakes and traps that private foundations make in completing their tax returns.
  • You will be able to explain how much a private foundation is required to distribute each year to avoid excise taxes on undistributed income.
  • You will be able to describe how private foundation tax returns report the Chapter 42 excise taxes applicable to private foundations.

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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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More Program Information

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

Live Webinar Registration

  • AIPB 2.0
     
  • This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • 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).
     
  • CPE 2.0 including Specialized Knowledge 2
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Specialized Knowledge for 2.0 hours. Prerequisite: basic knowledge of taxation. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     
  • Lorman Business Center, Inc. is a registered provider for CPA CPE through the State Education Department of New York, Sponsor number: 000640. The following course will carry the subject area of Specialized Knowledge and Applications for 2.0 hours.
     

Who should attend?

This live webinar is designed for accountants, CPAs, presidents, vice presidents, CFOs, accounting managers, tax managers, controllers, bookkeepers, and enrolled agents.

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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

Deana Love

Deana Love

Daszkal Bolton

  • CPA, attorney, and the private client services leader for Daszkal Bolton
  • More than 20 years of experience working exclusively with high net worth families in the design and implementation of comprehensive income tax, financial, and estate planning solutions
  • Authored articles for several publications, including The Tax Adviser and The Lawyer
  • Has been a guest speaker for a number of organizations, including Florida Institute of Certified Public Accountants (FICPA) and University of Miami
  • Served on the advisory counsel to the president of a major global financial institution
  • J.D. degree, Hofstra Law School; B.S. degree in accounting, Binghamton University
  • Can be contacted at 561-886-5200 or [email protected]
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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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.

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Product ID: 405479
Published 2019
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