NOT2406. The 990-PF and Private Foundation Excise Taxes

We will discuss the excise taxes that 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 basis the taxes are assessed, on which taxpayers the taxes may be assessed, and when taxes may be abated, along with the relevant sections of the Form 990-PF. We will also consider opportunities for planning ahead to avoid situations that could cause excise taxes being assessed.

Learning Objectives:

• Identify the excise tax triggers, required corrections, and when abatement of the tax is available.
• Determine which parties may be subject to excise taxes, including the foundation, disqualified persons, and foundation managers.