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.Learning ObjectivesHow to recognize transactions where excise tax rules are applicable to private foundationsIdentify differences between grant-making and private operating foundationsClarify how organizations qualify for the one-percent rate of the Section 4940 excise tax on investment incomeDetermine the average fair market value calculation for cash and securitiesRecognize additional reporting requirements for foreign grant expenses and grants to other U.S. private foundationsWho Should AttendStaff 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 AttendThis 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.Areas CoveredPrivate foundation tax reporting and challenges to the Form 990-PFPurpose and layout of Form 990-PFAlternatives for proper reporting of contributions and sales of appreciated stock under various accounting methodsCalculating the reduced excise tax rate on net investment incomeWhat is and is not a deductible net investment expenseWhat does and does not count as a qualifying distributionReporting direct charitable expendituresGrants to non-public charities and the additional reporting requirementsTips for Board review of the Form 990-PF