CPE Self-Study

Private Foundations: Not-for-Profit Tax Compliance

  • $29.00-$39.00
    Private Foundations: Not-for-Profit Tax Compliance Availability : Online Access Product #: 165144
    AICPA Member: $29.00
    Non-Member: $39.00
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    Contact a representative for group pricing. 800.634.6780 (Option 1) | Contact Us Product #: GT-NFP-TAX4

This CPE course is included in the 40-hour Not-for-Profit Certificate Program. It can also be purchased individually or as a part of the Not-for-Profit Tax Compliance track.

Private foundations are charitable organizations that are tax-exempt under 501(c)(3). However, because they are not publicly supported, they are subject to different filing requirements and restrictions that do not apply to any other type of NFP. In this CPE course, you will learn the basic tax compliance requirements that apply to private foundations, as well as the unique restrictions and excise taxes related to self-dealing, annual distribution of income, limits on business holdings and provisions related to investments and expenditures.

Topics Discussed:

  • Definition of private foundation
  • Types of private foundations
  • Basic tax compliance requirements and restrictions
  • Excise taxes
  • Form 4720 basics
  • Termination of private foundation status

Learning Objectives:

When you complete this course, you will be able to:

  • Differentiate between private foundations and other NFPs
  • Identify the types of private foundations
  • Recognize the unique compliance requirements and restrictions related to private foundations
  • Identify situations in which a private foundation will be subject to excise taxes and penalties

Who Will Benefit?

  • CPAs, financial professionals and NFP board members who need an overview of private foundation tax compliance requirements

Prerequisite: None

Advanced Preparation: None

System Requirements

About the Authors

MTAX and William E. Turco, CPA

McGladrey LLP

About the Publisher

American Institute of CPAs

The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 418,000 members in 143 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting.

The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialized credentials for qualified professionals who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. With The Chartered Institute of Management Accountants (CIMA), it offers the Chartered Global Management Accountant (CGMA) designation, which sets the global benchmark for quality and recognition in management accounting.

The AICPA and CIMA also make up the Association of International Certified Professional Accountants (the Association), which represents public and management accounting globally, advocating on behalf the public interest and advancing the quality, competency and employability of CPAs, CGMAs and other accounting and finance professionals worldwide.

The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ.