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Private Foundations: Tax Law and Compliance, 2007 Cumulative Supplement, 2nd Edition
John Wiley and Sons Ltd, April 2008, Pages: 264
Private foundations are a special niche of the non - profit sector. They are allowed to remain relatively tax-exempt in exchange for supporting charitable activities. There are more than 44,000 private foundations in the United States, and with the advent of the dot-com wealthy and those taking advantage of the 1996 tax act, that number is growing. These foundations hold assets worth more than $230 billion, and they gave away nearly $16 billion in grants in 1998, the last recordable year. Private foundations are subject to a unique and complex set of (mostly tax) regulations that govern everything from how much money they give away to their investment policies and procedures.
The 2007 Cumulative Supplement includes the following updates:
-The 2006 version of Form 990-PF, filled in to illustrate reporting issues, is included in Chapter 12.
-The IRS has substantially revised the application for recognition of exemption filed by private foundations (and other charitable organizations), Form 1023. This application is included in supplemental materials for Chapter 2, along with some details about preparation of the form and some traps inherent therein.
-Discussion of application of self-dealing rules, the personal services exception, the exception for incidental benefits, and foundation-funded disaster relief programs.
-Summary of the Enactment of the Pension Protection Act of 2006.
-Discussion of the IRS’s restructuring which has brought–among other units–the Exempt Organizations Compliance Unit, the Data Analysis Unit, and the Review of Operations Unit. The significance of these units is reflected in the recently issued IRS report on its Executive Compensation Compliance Initiative project.
Authors Information:
BRUCE HOPKINS is the country's leading authority on tax-exempt organizations and is a lawyer with the firm Polsinelli, Shalton The Law of Tax-Exempt Organizations, 7ed.; Private Foundations: Tax Law and Compliance 2ed.; A Legal Guide to Starting and Managing a Nonprofit Organization, 2ed; and The Tax Law of Charitable Giving, 2ed., as well as the newsletter Bruce Hopkins' Nonprofit Counsel, all published by Wiley.
JODY BLAZEK, CPA, is a partner in Blazek &Vetterling, LLP, an accounting firm that focuses on financial planning, tax compliance, and auditing for tax-exempt organizations and the individuals who create, fund, and work for them. She is also a founding director of Texas Accountants and Lawyers for the Arts and a board member of the Anchorage Foundation, Houston Artists Fund, River Pierce Foundation, and the Planned Giving Council of Houston.
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