A tax how-to guide for private foundations

 

Despite enjoying tax-exempt status, private foundations are not immune to taxation. Yes, as long as a private foundation does not engage in activities unrelated to its tax-exempt mission, it will not be subject to any income taxes; however, private foundations, unlike their public charity counterparts, are potentially subject to an assortment of excise taxes. They are subject to the complex tax rules of Chapter 42 of the Internal Revenue Code; navigating those rules is crucial to effective tax planning.

 

In A tax how-to guide for private foundations, Grant Thornton tax professionals address the issues confronting private foundations on a daily basis, from excess business holdings to self-dealing, from expenditure responsibility compliance to unrelated business income tax planning. This information serves all types of private foundations, from small family foundations to some of the largest private grant-making foundations in the world.

 

Download our guide for insight about how to file, understand deductions, identify unrelated business income, recognize an operating foundation and more.

 
 

Contacts:

 
Dennis J. Morrone

Dennis Morrone is the National Managing Partner of Grant Thornton's Not-for-Profit & Higher Education Practices.

Iselin, New Jersey

Industries
  • Not-for-profit & higher education
Service Experience
  • Advisory
  • Operations and performance
  • Audit & Assurance
  • Finance Transformation
  • Employee Benefit Plan Audits
  • Transaction advisory
 
 
 
 
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The information contained herein is general in nature and is based on authorities that are subject to change. It is not, and should not be construed as, accounting, legal or tax advice provided by Grant Thornton LLP to the reader. This material may not be applicable to, or suitable for, the reader’s specific circumstances or needs and may require consideration of tax and nontax factors not described herein. Contact Grant Thornton LLP or other tax professionals prior to taking any action based upon this information. Changes in tax laws or other factors could affect, on a prospective or retroactive basis, the information contained herein; Grant Thornton LLP assumes no obligation to inform the reader of any such changes. All references to “Section,” “Sec.,” or “§” refer to the Internal Revenue Code of 1986, as amended.

 

 

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