ROCK HILL, SC / ACCESSWIRE / November 11, 2024 / Private foundations play a vital role in advancing charitable causes and supporting the public good. However, along with these responsibilities comes the need to accomplish specific IRS compliance requirements. Private foundations have specific obligations such as filing Form 990-PF, Return of Private Foundations, adhering to restrictions on self-dealing, and paying excise taxes on net investment income.
These filing requirements might be complex to navigate, especially as private foundations have unique filing obligations distinct from those of public charities.
Which Private Foundations Must File by the November 15th Deadline?
November 15, 2024, marks the deadline for filing 990 series forms for numerous nonprofits and private foundations for no exception. This November 15 deadline is applicable for,
Private Foundations with a fiscal year ending on June 30th.
Private Foundations acquired a six-month extension from the original May 15th deadline by filing Form 8868.
This includes,
Exempt private foundations (under sections 6033(a), (b), and (c))
Taxable private foundations (under section 6033(d))
Organizations that have opted for private foundation status and whose applications for exempt status are still pending by the due date for filing Form 990-PF
Organizations claiming private foundation status that have not yet applied for exempt status and whose application is not yet untimely under section 508(a) for retroactive exemption recognition
Organizations that have made an election under section 41(e)(6)(D)(iv)
Private foundations undergoing a termination under section 507(b)
Nonexempt charitable trusts under section 4947(a)(1) are treated as private foundations (under section 6033(d)).
Tax990 - The Trusted Choice for Private Foundation 990-PF Filing Needs
To streamline the 990-PF filing process, Tax990, an IRS-authorized e-file provider, offers a comprehensive solution tailored to meet the filing needs of private foundations. Equipped with robust features designed to simplify Form 990-PF, Tax990 stands out as an ideal choice for private foundations seeking to fulfill their IRS compliance requirements with ease and accuracy.
Here are some key features of Tax990:
Flexible Filing Options: Clients can choose between a direct form-entry method or an interview-style approach to complete their filings, offering convenience and flexibility.
Free 990-PF Schedule B: Based on the data entered, Tax990 automatically includes 990-PF Schedule B when needed.
Bulk Upload: Clients can use Tax990's standard Excel templates to upload data and streamline the bulk filings efficiently.
Copy Return: Seamlessly transfer relevant data from prior returns filed with Tax990 to the current return, saving time and reducing data entry.
Internal Audit Checks: Built-in audits verify that all forms are accurate and fully compliant with IRS requirements prior to submission.
Instant IRS Notifications: Receive real-time updates on return status via email and text, ensuring clients stay informed throughout the filing process.
Live Customer Support: Get 24/7 expert assistance for every step of the filing from our dedicated support team via email, phone, or live chat.
Tailored Features for Tax Professionals
Team Management: Tax professionals can add team members, assign tasks, and monitor progress to enhance collaboration and workflow.
Client Management: File for multiple clients and share completed forms through a secure portal to obtain client approvals before submission.
E-signing Options: Easily obtain e-signatures on Forms 8453-TE and 8879-TE from clients, ensuring convenience and regulatory compliance.
About Tax990
Tax 990 is the premier, IRS-authorized e-file provider of nonprofit tax forms. Tax990 provides solutions for nonprofits that are required to file Form 990-N, 990-EZ, 990, 990-PF, 990-T, California Form CA-199, 8868, 1120-POL and 8038-CP with the IRS. With advanced features and affordable pricing, the goal of Tax990 is to help nonprofits file easily so they can continue doing good in their communities.
About SPAN Enterprises
Based in Rock Hill, South Carolina, SPAN Enterprises has been developing industry-leading software solutions for IRS e-filing and business management tools for over a decade.
The SPAN Enterprises portfolio of products includes TaxBandits, Tax990, ACAwise, ExpressExtension, 123PayStubs, and TruckLogics.
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SOURCE: Tax990