Form 990-Pf Return Of Private Foundation May 1&#39: Fill & Download for Free

Private Foundations file a Form 990PF. Public Charities file a Form 990. Both may need to file a Form 990T if they have Unrelated Business Taxable Income (UBTI).The Form 990PF is filed on the 15th day of the 5th month following the year end of the foundation. For a December 31 year end foundation, it would file by May 15th of the following year. The Form 990PF filing deadline can be extended for 3 months and then for another 3 months. Many private foundations have fiscal years that are different from the standard calendar year.What is Form 990 or 990-PF? How can I learn about using them?The Form 990PF and Form 990 are governed by IRS Disclosure Regulations.https://www.irs.gov/charities-non-profits/public-disclosure-and-availability-of-exempt-organization-returns-and-applications-public-disclosure-overviewPublic Disclosure and Availability of Exempt Organizations Returns and Applications: Documents Subject to Public DisclosurePublic Disclosure and Availability of Exempt Organizations Returns and Applications: Documents Subject to Public DisclosureWhat tax documents must an exempt organization make available for public inspection and copying?An exempt organization must make available for public inspection its exemption application. An exemption application includes the Form 1023 (for organizations recognized as exempt under Internal Revenue Code section 501(c)(3)), Form 1024 (for organizations recognized as exempt under most other paragraphs of section 501(c)), or the letter submitted under the paragraphs for which no form is prescribed, together with supporting documents and any letter or document issued by the IRS concerning the application. A political organization exempt from taxation under section 527(a) must make available for public inspection and copying its notice of status, Form 8871.In addition, an exempt organization must make available for public inspection and copying its annual return. Such returns include Form 990 , Return of Organization Exempt From Income Tax,Form 990-EZ , Short Form Return of Organization Exempt From Income Tax, Form 990-PF, Return of Private Foundation, Form 990-BL , Information and Initial Excise Tax Return for Black Lung Benefit Trusts and Certain Related Persons, and the Form 1065 , U.S. Partnership Return of Income.A section 501(c)(3) organization must make available for public inspection and copying any Form 990-T, Exempt Organization Business Income Tax Return, filed after August 17, 2006. Returns must be available for a three-year period beginning with the due date of the return (including any extension of time for filing). For this purpose, the return includes any schedules, attachments, or supporting documents that relate to the imposition of tax on the unrelated business income of the charity. See Public Inspection and Disclosure of Form 990-T for more information.An exempt organization is not required to disclose Schedule K-1 of Form 1065 or Schedule A ofForm 990-BL. With the exception of private foundations, an exempt organization is not required to disclose the name and address of any contributor to the organization.A political organization exempt from taxation under section 527(a) must make available for inspection and copying its report of contributions and expenditures on Form 8872, Political Organization Report of Contributions and Expenditures. However, such organization is not required to make available its return on Form 1120-POL, U.S. Income Tax Return for Certain Political Organizations.Most Forms 990 and 990PF are available on Guidestar a short time after they are filed with the IRS. Some Schedules attached to the Forms are not subject to public disclosure.GuideStar nonprofit reports and Forms 990 for donors, grantmakers, and businesses

HOW DO I START A PRIVATE FOUNDATION:Accumulate lots of wealth, then see an Attorney with experience in Private Foundations.Private Foundations are not for everyone. You might be better advised to create a “Donor Advised Fund” through a Community Foundation. Donor-advised fund - WikipediaPROS & CONS:The biggest Pro is that you can fund the Private Foundation and receive a current year tax deduction in a high income year when you need a deduction. You can then “bank” the funds in the Private Foundation and use them to fund charities over a long period of time. And you can make sure that your contributions are really being used for the purposes intended. You can also do this with a Donor Advised Fund.The biggest Con is that there are lots of rules and regulations that must be closely followed. This becomes time consuming and expensive. There can be no “self dealing” or “private inurement”. If you do not meet all the rules and regulations there will be fines and penalties and you could lose your exemption. I believe that some of the fines can go as high as $10,000 per day.For Example, here is the IRS section on excise taxes.Private Foundation Excise TaxesThere is an excise tax on the net investment income of most domestic private foundations. This tax must be reported on Form 990-PF, Return of Private Foundation, and must be paid annually at the time for filing that return or in quarterly estimated tax payments if the total tax for the year is $500 or more.In addition, the Internal Revenue Code contains five provisions that impose excise taxes on private foundations, foundation managers, or other disqualified persons that engage in certain prohibited acts. These are (1) the taxes on self-dealing between private foundations and their substantial contributors or other disqualified persons; (2) requirements that the foundation annually distribute income for charitable purposes; (3) taxes on certain business holdings; (4) excise taxes designed to discourage behavior detracting from a foundation's ability to further charitable purposes (see more atJeopardizing Investments); and (5) penalty taxes on certain foundation expenditures. These excise taxes are reported and paid on Form 4720, Return of Certain Excise Taxes Under Chapters 41 and 42 of the Internal Revenue Code.Violation of these provisions gives rise to taxes and penalties against the private foundation and, in some cases, its managers, its substantial contributors, and certain related persons. The initial tax is automatically imposed if the foundation engages in a prohibited act. With the exception of self-dealing acts under section 4941, the initial taxes may be set aside if it is established that (1) a taxable event was due to reasonable cause and not to willful neglect, and (2) the event was corrected within the correction period.Additional informationInstructions to Forms 990-PFInstructions to Form 4720Return Due Dates for Exempt Organizations Excise Tax Returns (Forms 4720 and 6069)Correction during correction periodPrivate foundation excise tax appeal procedures