8042018 2
Date: Thursday, March 22, 2018
Instructor: Jane Searing
Begin Time:  9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Law Updates for EAs and OTRPs
2 hours Federal Tax Updates for CTEC


Private foundations continue to face significant compliance challenges. This helpful two-hour online seminar is presented by one of the country's leading tax-exempt organization practitioners Jane Searing, CPA, M.S. Taxation, offers a practical examination of the latest federal tax developments, compliance issues, and planning opportunities to help private foundations navigate today's compliance challenges. Searing, co-author of the Private Foundation Handbook and Compliance Guide published by Wolters Kluwer, will help you get up-to-date on the most recent developments and hear the latest on Form 990-PF reporting requirements. 

Although private foundations use a variation of the Form 990, the Form 990-PF is a very different filing. The Form 990-PF has four primary purposes:
• Calculating and payment of the net investment income excise tax under IRC Section 4940 
• Calculating and reporting qualifying distributions for charitable purposes as required by IRC Section 4942 
• Calculating and reporting whether the foundation qualifies as an operating foundation 
• Voluntary reporting whether there have or have not been any violations of the other IRC Section 4941 through 4945 private foundation rules. 

This timely two-hour CPE webinar will provide you with an updated practical review of the Form 990-PF, discuss common transactions, pitfalls to watch for, and little understood reporting complexities. You will be lead in this discussion by Jane Searing, shareholder and leader of the exempt organization tax group at Clark Nuber, the award-winning CPA and consulting firm as well as one of the co-authors from Clark Nuber of the Form 990 Compliance Guide published by Wolters Kluwer.

Who Should Attend
Private foundation compliance officers, CPAs, enrolled agents, tax return preparers, tax attorneys and financial advisors who work with tax-exempt organizations.

Topics Covered

  • Private foundation tax reporting and challenges to the Form 990-PF
  • Purpose and layout of Form 990-PF
  • Alternatives for proper reporting of contributions and sales of appreciated stock under various accounting methods
  • Calculating the reduced excise tax rate on net investment income
  • What is and is not a deductible net investment expense
  • What does and does not count as a qualifying distribution
  • Reporting direct charitable expenditures
  • Grants to non-public charities and the additional reporting requirements
  • Tips for Board review of the Form 990-PF


Learning Objectives

  • Identify and apply key tax challenges impacting private foundations
  • Recognize practical updated understanding of the Form 990-PF and its purposes
  • Differentiate the questions and disclosures required on the Form 990-PF

Additional Course Details

  • Author: Jane Searing
  • Publisher: Wolters Kluwer
  • Course Level: Update
  • Pre-Requisites: None
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