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Excise taxes, Minimum Distributions and Self-Dealing Issues at a Private Foundation

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • EA
  • ORTP
  • MRTP
  • CFIRS
  • CWS

Published: September, 2022

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  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Types of Private foundations
    6 mins
  • Tax planning techniques
    15 mins
  • Who you can donate to
    25 mins
  • Program related investments
    35 mins
  • Self dealing - Real life examples
    41 mins

Course Description

Private foundations are an effective vehicle for individuals and families to make charitable gifts, but they are subject to a strict regulatory regime.

The IRS issued Revenue Procedure 2021-40, 2021-38 IRB 1 on Sept. 3, 2021, adding a private foundation issue to the list of those areas on which the IRS will no longer issue private letter rulings or determination letters.

This CPE/CE course will function as a basic Primer for Private Foundations and the regulations applicable to them. The CPE course provides insights and guidance on taxes and distributions affecting Private Foundations as well as discussions on antiquated self-dealing regulations.

The CE Tax webinar for professionals will cover types of qualifying distributions from Program Related Investments to grants requiring expenditure responsibility.

Newly enacted proposed legislation affecting Private Foundations will be discussed by covering the following major topics in this CE/CPE webinar:

  • Excise Tax on Net Investment Income & Tax on Unrelated
  • Business Income
  • Qualifying Distributions and Redistribution Rules
  • Penalty Situations
  • Reading & Understanding the Form 990-PF
  • Other Tax Forms
  • Self-Dealing issues 

This CE Tax webinar is a great opportunity to learn about the fundamentals of private foundations, answer common questions, and understand what makes them different from other types of charitable entities. The CPE/CE course is designed to provide you with planning opportunities to ensure the private foundation successfully operates within the regulatory boundaries.

Learning Objectives

  • To describe how to calculate the net investment income tax and learn certain tax savings strategies.
  • To describe how to calculate the minimum distribution requirements and to keep Private Foundations from violating the self-dealing regulations. 
  • To analyze the common mistakes in preparing a 990PF will be covered.

Recommended For

  • This IRS Approved CE course is recommended for CPAs, EAs, AFSPs, Tax Practitioners, Tax Attorneys, and Other Tax Professionals interested in having a basic knowledge of Private Foundations and the regulations applicable to them.

Who Should Attend?

  • Annual Filing Season Program
  • Bookkeepers & Accountants & Tax Preparers
  • California Registered Tax Professional
  • Certified Management Accountant (CMA)
  • Certified Public Accountant (CPA)
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1 General Credit of Taxes for Accountant/Bookkeeper/Tax Professionals
  • 1 CE Credit of Federal tax-related matters for Annual Filing Season Program (AFSP)
  • 1 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0676)
  • 1 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-00721-21-S)
  • 1 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00721-21-S)
  • 1 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00721-21-S)
  • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1 CE Credit of Taxes for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 1 CE Credit of Taxes for Certified Wealth Strategist (CWS)

Additional details

  • Course Level :
    Basic
  • Credits :
    1
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a 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 website: www.NASBARegistry.org.

CTEC APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

Presenter

About Presenter

Thomas Blaney, CPA, CFE

Partner, PKF O'Connor Davies, LLP

Thomas F. Blaney is a Partner of the Firm and Director of the Private Foundation Practice. He has spent more than 25 years specializing in the accounting and tax aspects of exempt organizations.

A member of the Firm’s Executive Committee, Tom is a recognized thought leader and frequent speaker, author and contributor to events and articles related to private foundations and not-for-profit topics. His work has appeared in The Wall Street Journal, Barron’s and other leading business publications. Tom is a Certified Fraud Examiner, licensed CPA in the states of Florida, New York and Pennsylvania, and was also appointed to the Panel on the Nonprofit Sector’s “990 PF Reform Advisory Committee.”

Most recently Tom was the recipient of the 2015 “Ahead of the Curve” award presented to the CPA who stays ahead of new legislation and trends on behalf of his clients.

He maintains an active role in a number of professional and community organizations. Tom is currently Treasurer of the Breezy Point Disaster Relief Fund, Treasurer of the McCaddin-McQuirk Foundation, Treasurer of Exponent Philanthropy (formerly Association of Small Foundations), and is on the Audit and Finance Committees of the Hudson Valley Chapter of the Make-a-Wish Foundation.

About Company

PKF O'Connor Davies, LLP

www.pkfod.com

PKF O’Connor Davies, LLP is a full-service certified public accounting and advisory firm with a long history of serving clients both domestically and internationally. With roots tracing to 1891, eleven offices in New York, New Jersey, Connecticut, Maryland and Rhode Island, and more than 700 professionals, the Firm provides a complete range of accounting, auditing, tax and management advisory services. PKF O’Connor Davies is ranked 29th on Accounting Today’s 2019 “Top 100 Firms” list and is recognized as one of the “Top 10 Fastest-Growing Firms.” PKF O’Connor Davies is also recognized as a “Leader in Audit and Accounting” and is ranked among the “Top Firms in the Mid-Atlantic,” by Accounting Today. In 2019, PKF O'Connor Davies was named one of the 50 best accounting employers to work for in North America, by Vault.

PKF O’Connor Davies is the lead North American representative in PKF International, a global network of legally independent accounting and advisory firms located in over 400 locations, in 150 countries around the world.

Faq

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