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Form OMB No Return of Private Foundation 990 -PF Department of the Treasury I internal Revenue Service For calendar year 2013 or tax year beginning Name of foundation APR 1, MAR 31, and ending 2013

How to fill out return of private foundation

How to fill out return of private foundation:

1. Gather all necessary information and documents, such as the foundation's financial records, grant information, and details of any applicable expenses.
2. Determine the correct form to use for the return of the private foundation, which is usually Form 990-PF. Ensure that you are using the most recent version of the form.
3. Provide the foundation's identifying information, including its name, address, and EIN (Employer Identification Number).
4. Report the foundation's financial activity for the tax year, including any income received, expenses incurred, and grants made. Be sure to accurately categorize and provide detailed information for each item.
5. Complete Schedule A, Part I, to provide information about the foundation's exempt status and activities. This includes details on the foundation's charitable purpose, its relationship with other organizations, and any potential conflicts of interest.
6. Report any excise taxes that may be applicable to the foundation. This includes the section 4940 tax on net investment income, the section 4942 tax on the failure to distribute income, and the section 4945 tax on taxable expenditures. Ensure that you accurately calculate and report any taxable amounts.
7. If necessary, complete additional schedules and attachments to provide further details about the foundation's activities or financial transactions. These may include Schedule B for reporting contributors, Schedule O for providing explanations or additional information, and other relevant schedules depending on the foundation's specific circumstances.
8. Review the completed return for accuracy and completeness. Double-check all figures, calculations, and supporting documentation. Make any necessary corrections or revisions before submitting the return.
9. File the return of the private foundation by the designated due date. This is usually the 15th day of the 5th month after the close of the foundation's tax year. Ensure that the return is properly signed and submitted to the appropriate IRS address.

Who needs return of private foundation?

1. Private foundations are required to file a return, specifically Form 990-PF, with the IRS annually. This includes foundations that are tax-exempt under section 501(c)(3) of the Internal Revenue Code and have received approval from the IRS to operate as a private foundation.
2. The return provides important financial and operational information to the IRS, ensuring transparency and accountability for the foundation's activities.
3. Filing the return also helps the foundation maintain its tax-exempt status and comply with the tax laws and regulations governing private foundations. It allows the IRS to assess the foundation's eligibility for tax-exempt status, monitor its compliance with the applicable rules, and ensure that it is fulfilling its charitable mission.

For pdfFiller’s FAQs

What is return of private foundation?

Private foundations are required to file a Form 990-PF, which is the annual informational return for tax-exempt organizations.

Who is required to file return of private foundation?

All private foundations exempt from federal income tax under section 501(c)(3) of the Internal Revenue Code are required to file a return.

How to fill out return of private foundation?

Private foundations can fill out the Form 990-PF electronically on the IRS website or manually by downloading the form and mailing it to the IRS.

What is the purpose of return of private foundation?

The purpose of the return is to provide information about the foundation's activities, finances, and compliance with tax laws to the IRS and the public.

What information must be reported on return of private foundation?

The return must include financial information, details about grants and investments, compensation of officers, and other relevant data.

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