NOT2406. The 990-PF and Private Foundation Excise Taxes

We will discuss the excise taxes which private foundations and/or the disqualified persons and managers associated with private foundations may encounter. This session explores what triggers the various excise taxes, on what base the tax is assessed, on which taxpayer the tax may be assessed, and when taxes may be abated along with the relevant sections of the Form 990-PF where information about these taxes is presented. We will also consider opportunities for planning ahead to avoid situations which could cause excise taxes being assessed.  

Learning Objectives:

• Participants will learn how to identify the excise tax triggers, required corrections, and when abatement of the tax is available.
• Participants will gain an awareness of which parties may be subject to excise taxes, including the foundation, disqualified persons, and foundation managers.