Private Foundations - Planning for Family Philanthropy (111150A)
REGISTRATION STATUS:
Online registrations are closed for this event. We can take your registration over the phone at 800-782-2036.
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.
Objectives:
Upon completion of this course, participants will be able to:
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
Who Should Attend:
* CPA firm tax managers and partners
* Accountants employed by and/or advising wealthy families
Prerequisite:
Basic knowledge of nonprofit taxation or completion of the AICPA course Form 990: AICPA's Answer to Unlocking the Tax Complexities
Advanced preparation:
None
