With the May 15th tax deadline for private foundations looming, Foundation Source's Chief Legal Officer, Jeffrey D. Haskell, shares insights gleaned from the preparation of thousands of 990-PF tax returns
ADVISORY, April 16, 2015 (GLOBE NEWSWIRE) --
|
TOPIC: |
WEBINAR: "Common Tax Reporting Errors Made by Private Foundations on Their 990-PFs" |
| Register at this link: https://attendee.gotowebinar.com/register/3831021033730934530 | |
|
AUDIENCE: |
This is a must-attend webinar for those who will be preparing and/or reviewing the 990-PF. It should also prove valuable for estate planning and trust attorneys; wealth advisors and financial planners; private foundation board members and officers; and anyone else who needs to identify common pitfalls and cost-saving opportunities on this tax form. |
|
BACKGROUND: |
IRS rules and regulations pertaining to private foundations are complicated and sometimes not well understood, resulting in a significant number of incorrectly filed 990-PF returns. Even experienced tax professionals are prone to making errors, missing opportunities for savings and possibly exposing the foundation to large penalties. |
Foundation Source reviews hundreds of 990-PF returns each year, and we commonly see mistakes like these:
- Not counting administrative expenses toward the satisfaction of the MDR,
- Failing to determine eligibility for the reduced 1% tax rate,
- Failing to properly calculate excess grant carryover, and
- Calculating the MDR incorrectly.
ABOUT THE PRESENTER:
As Chief Legal Officer at Foundation Source, Jeffrey Haskell provides guidance on tax and legal issues for the company's foundation clients.Mr. Haskell oversees a team of attorneys, accountants, and support professionals who provide tax preparation services for over 1,200 client foundations. A full bio can be found here.
ABOUT FOUNDATION SOURCE (www.foundationsource.com)
Foundation Source is the nation's largest provider of comprehensive support services for private foundations, bringing specialized knowledge and expertise to clients across the country. The company's administrative services, online foundation management tools, and philanthropic advisory services provide a complete outsourced solution for private foundations. Our clients supply the vision; we provide everything else.
Today, Foundation Source provides its services to more than 1,200 family, corporate, and professionally staffed foundations, of all sizes, nationwide. We work in partnership with wealth management firms, law firms, trust companies, multi-family offices, and accounting firms, as well as directly with individuals and families. Foundation Source is headquartered in Fairfield, Connecticut, with offices in Boston, Los Angeles, New York City, Philadelphia, San Francisco, Seattle, South Florida, Washington, D.C., and Winston-Salem.