Book Description
The only single-volume reference that covers all aspects of tax compliance solely for private foundations!
You already know that private foundations are unique organizations with a complex set of regulations that govern everything from how much money the foundation grants to its investment policies and procedures. With scrutiny from the IRS increasing, this much-needed, annually updated manual provides accounting professionals a comprehensive guide to the wide range of tax rules and regulations that govern theese foundations. Coauthored by a lawyer and a tax accountant, this revised and expanded second edition includes practical tax compliance suggestions and in-depth legal explanations, line-by-line instructions, sample-filled IRS forms, and complete citations. In addition, Private Foundations covers everything from creating a foundation to tax on investment income and from reports unique to private foundations to termination of foundation status.
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Download Description
Private foundations are a special niche of the nonprofit sector. They are allowed to remain relatively tax-exempt in exchange for supporting charitable activities. There are more than 50,000-and growing-private foundations in the United States holding assets worth more than $230 billion. 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. This much needed, annually updated manual explicates a wide range of tax rules and regulations for these foundations and prepares them for the increasing scrutiny of the IRS. Co-authored by a lawyer and tax accountant, the revised and expanded second edition of this highly respected guide includes practical tax compliance suggestions and in-depth legal explanations, line-by-line instructions, sample-filled IRS forms, and complete citations.
Book Info
Text covers private foundations and the various issues they face in tax law and compliance. Topics include starting and funding a private foundation, types of private foundations, disqualified persons, self-dealing, mandatory distributions, excess business holdings, and more. DLC: Nonprofit organizations--Taxation--Law and legislation--United States.
The publisher, John Wiley & Sons
With approximately 50,000 private foundations in the U.S. and the increasing scrutiny of the IRS, this much needed, annually updated manual provides a wide range of tax rules and regulations for these foundations. Co-authored by a lawyer and tax accountant, it includes practical tax compliance suggestions and in-depth legal explanations, line-by-line instructions, sample-filled IRS forms, and complete citations.
About the Author
Bruce R. Hopkins is a lawyer in Kansas City, Missouri, with the firm of Polsinelli Shalton Welte, P.C., having previously practiced law in Washington, D.C., for 26 years. He specializes in the representation of charitable and other nonprofit organizations, with emphasis on fundraising law issues, charitable giving, (including planned giving), the formation of nonprofit organizations, acquisition of recognition of tax-exempt and public charity status, unrelated business planning, application of intermediate sanctions, use of nonprofit and for-profit subsidiaries, and review of annual information returns.
Mr. Hopkins served as chair of the Committee on Exempt Organizations, Tax Section, American Bar Association; chair, Section of Taxation, National Association of College and University Attorneys; and president, Planned Giving Study Group of Greater Washington, D.C. He was accorded the Assistant Commissioner's (IRS) Award in 1984.
Jody Blazek is a partner in Blazek & Vetterling, LLP, a Houston CPA firm focusing on tax and financial planning for exempt organizations and the individuals who create, fund, and work with them. BV serves over 250 nonprofit organizations providing financial reports and tax compliance and planning services.
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