Tax Issues Stemming From Acts of Self-Dealing in Nonprofits and Private Foundations
Recording of a 90-minute premium CLE/CPE video webinar with Q&A
This CLE/CPE webinar will provide tax and nonprofit professionals a thorough and practical guide to nonprofit and private foundation self-dealing rules and potential tax implications. The panel will describe the federal income tax treatment and detailed requirements for nonprofits and private foundations, the general principles of self-dealing and consequences, and the impact on tax planning, reporting, and compliance.
Outline
- Overview of IRS self-dealing rules
- Impact of self-dealing rules on tax planning and compliance
- Reporting requirements, operational risks, and opportunities
- Best practices in minimizing self-dealings and prohibited transactions
Benefits
The panel will review these and other key issues:
- How does the IRS define "self-dealing" and "prohibited transactions" in nonprofits and private foundations?
- How has the IRS responded to undistributed income and incidental and tenuous benefits received by disqualified persons?
- How can you preserve private foundations by prohibiting self-dealing transactions?
- How to overcome increased IRS scrutiny and potential audits
Faculty
Jennie Hill
Attorney
Nonprofit Solutions
Ms. Hill holds a Bachelor of Arts in history from Macalester College, a Master of Social Work from University of... | Read More
Ms. Hill holds a Bachelor of Arts in history from Macalester College, a Master of Social Work from University of University of Illinois Urbana-Champaign, and a Juris Doctorate from the University of Oklahoma College of Law. She worked as a nonprofit executive for 15 years before returning to law school in 2020 and graduating with honors in 2023. As an attorney at Nonprofit Solutions, she focuses on contract drafting and negotiations, employment law, policy development, staff training, mergers, and state and federal grant compliance.
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Emmaline S. Jurgena
Associate
Foley & Lardner
Ms. Jurgena is an associate with Foley & Lardner LLP and a member of the firm’s Estate Planning... | Read More
Ms. Jurgena is an associate with Foley & Lardner LLP and a member of the firm’s Estate Planning Practice. She works with high net worth individuals and families in estate and tax planning. Ms. Jurgena also has extensive experience in tax-exempt and charitable issues. Her experience includes: assisting with initial formation, ongoing administration, tax counseling and tax return preparation, assistance with IRS audits, and litigation for a wide variety of tax-exempt organizations including colleges and universities, hospital systems, religious organizations, museums, private foundations, social welfare organizations, and other tax-exempt and nonprofit organizations; developing comprehensive estate plans to make use of available estate, gift, and generation-skipping transfer (GST) tax exemptions; implementing tax planning for estates, trusts, and beneficiaries, including creation and administration of private foundations, charitable remainder trusts, and tax-advantaged charitable giving; and conducting probate and estate administration and assisting in the resolution of trust administration issues in probate court.
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Jason J. Kohout
Partner
Foley & Lardner
Mr. Kohout is chair of the firm’s Family Offices Team and assists families and business owners in areas of tax... | Read More
Mr. Kohout is chair of the firm’s Family Offices Team and assists families and business owners in areas of tax planning, business succession, and philanthropy. In addition, he works extensively with nonprofit organizations in the areas of governance, fundraising and tax exemption matters. Mr. Kohout’s broad experience, in conjunction with his in-depth knowledge of tax, corporate and trust law, allows him to provide creative and practical solutions for his clients, especially for clients that own businesses or have philanthropic interests or nonprofit organizations focused on governance or fundraising.
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