Richard Ruvelson, Tax Principal and Lizbeth Nevarez, Tax Manager, are presenting on Form 990-PF: Private Foundation Basics, a webcast rebroadcast at CalCPA.

This course will provide tax practitioners with an overview of Form 990-PF, which includes discussing the differences between non-operating and operating foundations. It is important that preparers understand the different private foundation excise taxes—including taxes on net investment income, self-dealing, failure to meet income distribution requirements, excess business holdings and taxable expenditures. This course will help preparers understand the significance of columns (a)-(d) in Part I of the form, as well as expense allocation in Part I, which includes allocation of indirect costs between net investment income and charitable expenses. There also will be an overview of the income distribution calculation. This course will cover expenditure responsibility requirements for foreign grants.