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:
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
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.
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