Private Foundation Audit Response: The Current IRS Initiative, Form 4720, Disqualified Persons
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course will cover the latest IRS campaign targeting private foundations for 990-PF return preparers and advisers to foundations. Our panel of foundation experts will explain how to prepare form 990-PF to avoid selection and offer advice for handling the IRS examination of these charitable organizations.
Outline
- The IRS' latest initiative
- Areas of potential exposure for private foundations
- Form 4720: Return of Certain Excise Taxes Under Chapters 41 and 42 of the IRC
- Disqualified persons
- Handling the audit
- Penalties and sanctions
- Best practices
Benefits
The panel will review these and other critical issues:
- What is the current status of IRS' current initiative targeting private foundations?
- What noncompliance areas is the IRS focusing on in its examinations?
- What steps can 990-PF preparers take to mitigate the chance of PF audits?
- What does and does not need to be disclosed on the 990-PF?
- How are DPs defined; when and how are transactions with DPs reported?
Faculty
Jake Cook, CPA
Nonprofit Tax Managing Director
BDO USA
Mr. Cook specializes in his firm’s tax-exempt practice and is part of his firm’s nonprofit industry team.... | Read More
Mr. Cook specializes in his firm’s tax-exempt practice and is part of his firm’s nonprofit industry team. His clients are primarily nonprofit organizations including charities, foundations, trade associations, social welfare organizations and hospitals and healthcare organizations. He presents at national trainings on nonprofit topics.
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Robert Lyons, CPA, MST
Tax Director
Marks Paneth
Mr. Lyons is a Tax Director, Exempt Organizations in the Nonprofit, Government & Healthcare Group at Marks Paneth... | Read More
Mr. Lyons is a Tax Director, Exempt Organizations in the Nonprofit, Government & Healthcare Group at Marks Paneth LLP. He brings to this role the skills he has developed during more than 30 years of providing tax and consulting services to his clients in the nonprofit, higher education, and public sector industries. Mr. Lyons' experience includes handling substantial exempt organization tax issues. He has testified in front of the House and Ways Committee in Washington, DC establishing the current treatment of affinity royalty arrangements. Mr. Lyons has also been involved in special projects related to unrelated business income for exempt organizations, including but not limited to state filing issues, including settlements, foreign filing requirements for off-shore activities and use of exempt bond proceeds. He has advised clients on the use of for profit subsidiaries as well as disregarded entities.
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Christopher D. Petermann
Partner
PKF O'Connor Davies
Mr. Petermann is a Partner of the Firm and serves as Co-Partner-in-Charge for the Private Foundation Practice. He has... | Read More
Mr. 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. He also holds a number of professional committee and community board positions.
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