- NY Credits : 12.0
- TX Credits : 12.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 12.0
Private foundations are becoming a very popular tax-saving technique among families with large estates. This course has been designed to provide a basic but thorough discussion of private foundations and their federal tax compliance requirements. In that, the program covers how to determine an organization's status in the not-for-profit universe and the advantages and disadvantages of that status, including the multitude of rules regarding acts of self-dealing, mandatory distributions, excess business holdings, jeopardizing investments, and taxable expenditures. This course has been updated for the relevant 2018 provisions of the Tax Cuts and Jobs Act and Bipartisan Budget Act, when and if applicable. This intermediate level course is most appropriate for the professional with detailed knowledge in private foundations and IRS Form 990-PF, Return of Private Foundation, or the professional seeking to expand his or her knowledge base and who may be at a mid-level position within an organization with operational or supervisory responsibilities, or both.
Upon successful completion of this course, the user should be able to:
identify differences between private foundations and public charities,
recognize the advantages and disadvantages of private foundation status,
recognize the various rules and requirements associated with private foundations, as well as the excise taxes that apply for failure to meet those requirements,
identify a disqualified person in relation to a private foundation, and
recognize components of a completed Form 990-PF.