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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.

Learning Objectives

  • You will be able to identify characteristics of 4940 Tax on Net Investment income
  • You will be able to recognize applicable tax laws
  • You will be able to identify typical deductions
  • You will be able to recognize the proper filing requirements for a Form 990-PF.

Runtime: 98 minutes
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Why Lorman?

Over 33 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 33 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 Course

This course was last revised on August 30, 2019.

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

  • CPE/NASBA - QAS Self Study 2.6 including Specialized Knowledge 2.6
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study 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: 2.6 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 2.6 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement 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.
     
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Why Lorman?

Over 33 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

Finley Stetson

  • Partner at Finley Stetson
  • Practice emphasizes estate and income tax planning, representation of family-owned business entities, and representation of charitable entities
  • LL.M. degree in taxation, University of Florida; J.D. degree, Florida State University
  • Can be contacted at 561-265-5053 or [email protected]
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Over 33 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: 406808
Published 2019
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