Form 990-PF

Form 990-PF

A form that some private foundations file with the IRS to report the tax owed on their investment income, as well as to report grants and other charitable distributions made during the tax year.
References in periodicals archive ?
2/27/2018 Tax-Exempt The Processing Year 2016 private 2016 Organizations, foundation extract files contain Annual selected financial data collected Financial for program administrative purposes Extract, from the population of tax-exempt Private Form 990-PF information returns.
An LLC is not required to file a Form 990-PF, Return of Private Foundation, which is open for public inspection.
The data include Form 990, Form 990-EZ and Form 990-PF and related schedules, except for some donor information.
While a company foundation's expenditures are typically driven by the company's marketing, public affairs, or corporate social responsibility departments, corporate tax managers who are responsible for the foundation's annual Form 990-PF tax return also have a vital interest in its effective and tax-compliant operation.
The Exempt Organizations Committee followed up its Form 990 extension win with suggestions to the IRS on how to simplify Form 990-PF, the tax form private foundations must file--a form that hasn't been updated since the 1970s.
A charity that files a Form 990-PF, Return of Private Foundation, electronically without getting tax-exempt status approved will have the form rejected by the IRS.
A private foundation filing Form 990-PF, Return of Private Foundation, should consider reporting diversions in Part WI-B, "Statements Regarding Activities for Which Form 4720 May Be Required."These could raise self-dealing, taxable expenditure, qualifying distribution, and other concerns for the private foundation.
But its 2008 IRS Form 990-PF, the latest available, notes $43.6 million in "art acquisitions" during 2008.
Individuals who will be the tax return preparer of a tax-exempt organization's Form 990 or Form 990-PF that is due after December 31, 2007 are now faced with a significant challenge.
(1) Trusts described in section4947(a)(1) of the Internal Revenue Code that are treated as private foundations file form 990-PF. Other section4947(a)(1) trusts file Form 990 (and Schedule A Form 990).
Nonprofit private foundations, which are also tax exempt under section 501(c)(3) (and included in the number of active organizations mentioned above), file Form 990-PF, Return of Private Foundation, and are not included in these statistics.