Private Foundation Issues and Form 990-PF
Tracy Paglia, CPA, is a tax partner with Moss Adams LLP. She has over 21 years of public accounting experience identifying and meeting the tax and consulting needs of Not-for-Profit and exempt Healthcare clients, their for-profit affiliates and donors. Her expertise includes areas such as attaining, maintaining and termination of tax exempt status, preparing and analyzing the Form 990, state registration and filing requirements, intermediate sanctions, compensation issues, forming and operation in joint ventures and for-profit subsidiaries, and charitable planning options for donors.
Tracy is a highly-rated national speaker on tax exempt issues. Her teaching and speaking experience includes sessions for the National Association of College and University Business Officers, the American Institute of CPAs, Council on Foundations, LeadingAge and American Society of Association Executives. Tracy is based in the California Central Valley office. She is the leader of the firm’s Government, Not-for-Profit and Regulated Entities Tax Committee and an associate member of the AICPA's Technical Resource Panel. Tracy has a bachelor degree in accounting from the University of Idaho, is a member of the American Institute of CPAs and the California State CPA Society, and holds CPA licenses in Oregon and California.
Private foundations have many complex rules and potential traps for those managers and preparers unaware of the rules. This session provides an overview of Form 990-PF and basic information regarding excise taxes, potential penalties, and their implications for the completion of Form 990-PF. Learn the differences between non-operating (grant-making foundations) and operating foundations and planning suggestions for maximizing donor deductions. Receive an overview of the expenditure responsibility requirements for foreign grants and grants to domestic private foundations and the income distribution calculation.
- How to recognize transactions where excise tax rules are applicable to private foundations
- Identify differences between grant-making and private operating foundations
- Clarify how organizations qualify for the one-percent rate of the Section 4940 excise tax on investment income
- 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
Who Should Attend
Staff or seniors in public practice who are new to nonprofit issues and will be involved with nonprofit clients and preparing returns.
Managers, senior managers, directors, or partners in public practice who are exposed to private foundation planning as part of their individual or business practice.
Controllers, Accounting or Finance Managers working in foundations who are responsible for completion of the annual filings or answering questions raised about the filings.
Why Should You Attend
This helpful webinar offers a practical examination of the latest federal tax developments, compliance issues, and planning opportunities to help private foundations navigate today's compliance challenges. This webinar will review the Form 990-PF, discuss common transactions, pitfalls to watch for, and little understood reporting complexities.
- 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