With another successful session completed, our annual Form 990-PF workshop continues to be a valuable resource for the philanthropic sector. The PKF O’Connor Davies Private Foundation Team partnered with Philanthropy Massachusetts to deliver a comprehensive session designed for private foundations.
Watch this workshop to gain valuable insights into the requirements related to a foundation’s taxable income, charitable distributions, and tax-exempt activities. Our industry specialists offered a detailed walk-through of the form, clarified the concept of self-dealing and how to avoid it, highlighted common mistakes and shared practical tips to help foundations and trustees maintain IRS compliance.
Webinar Replay Here
Here are some key takeaways:
- Self-dealing rules demand proactive oversight, including identification of disqualified persons, recognition of self-dealing transactions and understanding the exceptions to these rules application of IRS exceptions to prevent penalties and ensure compliance. For additional guidance, refer to our latest bulletin on the topic.
- Legislative developments like the “Big Beautiful Bill” illustrate growing scrutiny of private foundations, particularly those with significant assets and international grantmaking activity.
- Form 990-PF compliance requires accuracy and consistency, with emphasis on proper accounting methods, correct disclosures and avoidance of common filing errors.
- Operating foundation status offers strategic advantages, including increased donor deductibility and reduced payout requirements, but must meet strict annual IRS tests.
- Filing errors can lead to audits and reputational risk, reinforcing the need for thorough internal reviews and alignment with IRS expectations across all reporting areas.
Hosts:
PKF O’Connor Davies
Thomas F. Blaney, CPA, CFE
Christopher D. Petermann, CPA
Practice Leaders of Philanthropic and Foundation Services
Featured Speakers:
Hurwit & Associates
Valerie R. Sussman, Legal Counsel for Philanthropy and the Nonprofit Sector
PKF O’Connor Davies
Anan A. Samara, EA, Partner
Joseph L. Ali, CPA, Partner
Scott Brown, CPA, Partner
Jonathan Runfola, CPA, Director
Tania Miranda, CPA, Director
Jason M. Velardi, EA, Director