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Free cpece webinars
Private Foundation: Excise Taxes, Minimum Distributions, Self-Dealing Issues


Cost Free
Presentation Length 1.0 hour

Recorded DateNovember 28, 2022
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

Private foundations are an effective vehicle for individuals and families to make charitable gifts, but they are subject to a strict regulatory regime. The IRS issued Revenue Procedure 2021-40, 2021-38 IRB 1 on Sept. 3, 2021, adding a private foundation issue to the list of those areas on which the IRS will no longer issue private letter rulings or determination letters.

This webinar will function as a basic primer for private foundations and the regulations applicable to them. We will provide insights and guidance on taxes and distributions affecting private foundations as well as discussions on the antiquated self-dealing regulations. We will also cover types of qualifying distributions from program-related investments to grants requiring expenditure responsibility.

Newly enacted proposed legislation affecting private foundations will be discussed by covering the following major topics:

  • Excise tax on net investment income & tax on unrelated business income

  • Qualifying distributions and redistribution rules

  • Penalty situations

  • Reading & understanding Form 990-PF

  • Other tax forms

  • Self-dealing issues 

This is a great opportunity to learn about the fundamentals of private foundations and understand what makes them different from other types of charitable entities. This course is designed to provide you with planning opportunities to ensure the private foundation successfully operates within the regulatory boundaries.
Learning Objectives:

  • Calculate the net investment income tax and learn certain tax savings strategies

  • Identify the common mistakes in preparing a 990PF

  • Calculate the minimum distribution requirements and keep private foundations from violating the self-dealing regulations

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As a member of the firm’s Executive Committee, Tom is a frequent speaker at Private Foundation conferences and has written numerous articles on Not-For-Profit topics. He is a Certified Fraud Examiner, licensed CPA in the states of Florida, New York, and Pennsylvania, and was also appointed to the Panel on the Nonprofit Sector’s “990 PF Reform Advisory Committee”. 

Tom maintains an active role in a number of professional and community organizations. He is currently on the Leadership Committee of the Support Center for Nonprofit Management, Treasurer of the McCaddin-McQuirk Foundation and holds several board and committee positions with the Association of Small Foundations, and is a Board member and Treasurer of the Hudson Valley Chapter of the Make-a-Wish Foundation

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Christopher D. Petermann is a Partner of the Firm and serves as Co-Partner-in-Charge for the Private Foundation Practice. He has over 30 years of specialized experience in accounting for exempt organizations and private foundations, as well as closely-held businesses and financial services entities. Chris also holds a number of professional committee and community board positions.

A regular speaker on accounting, tax, and governance matters, Chris also contributes informational pieces to the firm’s monthly bulletins and has authored numerous articles for industry publications.

About Our Presenter

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PKF O'Connor Davies is a new breed of accounting and advisory firm that holds itself to a higher standard – going beyond passive value calculation to active value creation.

With unmatched client focus we unlock real value hidden at key connection points of every engagement – from the industry and resource levels, to the organization and regulatory levels on the regional, national and international levels.

Through these connections, our team of more than 600 top-notch professionals continually drives efficiencies, uncovers opportunities and manages risk – delivering value where others can’t.