Review private foundation excise tax rules and their implications for the completion of Form 990-PF. Discuss the excise taxes in conjunction with applicable parts of Form 990-PF and applicable questions. Learn the differences between non-operating (grant-making foundations) and operating foundations; different private foundation excise taxes; and the significance of columns (a)-(d) in Part I of the form as well as expense allocation in Part I which includes allocation of indirect costs between net investment income and charitable expenses. Receive an overview of the expenditure responsibility requirements for foreign grants, grants to domestic private foundations and grants to non-charitable entities, the income distribution calculation and the unrelated business income tax (UBIT), including a discussion of state filing. Finally, learn the implications of recently enacted and relevant provisions of the CARES Act and the American Rescue Plan.
• Recognize transactions where excise tax rules are applicable to private foundations
• Identify differences between grantmaking and private operating foundations
• Learn the new Section 4940 tax rate • Determine the average fair market value calculation for cash and securities
• Recognize additional reporting requirements for foreign grant expenses and grants to other U.S. private foundations
• Identify fundamentals of the unrelated business income tax (UBIT) and understand the implications of final regulations affecting offsetting of income versus losses from alternative investments and changes to net operating loss reporting
• Private foundation excise taxes
• Form 990-PF
• The fair market value of the foundation’s assets
• Income distribution requirements
• Self-dealing and transactions with disqualified persons
• Foreign grant-making and grant-making to private foundations and non-charitable entities in the US
• Unrelated business income tax
CPAs, attorneys and consultants.
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