Private Foundations: Not-for-Profit Tax Compliance

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Availability

On-Demand

Cost

Member: $49.00

Non-Member: $59.00

Retired: $49.00

Educator & Government & Non-Profit Member: $49.00

Credit Offered

1 CPE Credit

Field of Study:

1 Taxes

Tax law classifies a section 501(c)(3) organization as a private foundation unless the foundation can prove otherwise. Even if they do not qualify as a public charity under 501(c)(3), private foundations are philanthropic charitable organizations that are exempt under IRC Section 501(c). Because they are less open to public scrutiny, private foundations are subject to various operating restrictions and excise taxes for failure to comply with those restrictions.

Learning Outcomes

Recognize the unique compliance requirements and restrictions related to private foundations.
Identify the types of private foundations.
Identify situations in which a private foundation will be subject to excise taxes and penalties.

Key Topics

Private foundations defined
Types of private foundations
Excise taxes

Who Will Benefit

New accountants interested in the basics of tax and compliance requirements that apply to tax-exempt, not-for-profit entities.
Experienced accountants who are new to the not-for-profit industry or are in need of a refresher on tax and compliance requirements that apply to tax-exempt, not-for-profit entities.

Knowledge of the not-for-profit industry