Private Foundations – Planning for Family Philanthropy (111150A-12)
Description
Private foundations are an ever more common way to fund and distribute
wealth to organizations. However, there are pitfalls lurking for
foundations not meeting the specific requirements of the Code that may
result in disqualification, taxes or penalties. This course lays out
processes for creating and funding private foundations and their
operation to avoid these unintended consequences.
Learning Objectives
Advise high wealth families and organizations desiring to establish a
charitable giving program involving family members.
Guide private foundations in their operations to avoid unintended
taxes and penalties.
Become familiar with the tax forms and compliance requirements for the
private foundation.
Major Topics
Organizational and operational requirements for private foundations
Creating and funding the organization
Types and uses of private foundations
Activities creating taxation and penalties of private foundations and
how to avoid them
Distributions allowed and how to value them
Unrelated business income and its implications
Review of forms required to be filed by the foundation
Course Level
Intermediate
CPE Field of Study
Taxes
8
Prerequisites
Basic knowledge of nonprofit taxation or completion of the AICPA course
Form 990: AICPA's Answer to Unlocking the Tax Complexities
