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Return of Private Foundation 990-PF Department of the Treasury Internal Revenue Service OMB N o. 1545-0052 or Section 4947(a)(1) Trust Treated as Private Foundation For calendar year 2013 1 Name of

How to fill out return of private foundation

How to Fill Out Return of Private Foundation:

1. Gather all necessary information and documentation related to the foundation's financial activities. This may include income statements, expense reports, investment records, and grant distributions.
2. Obtain Form 990-PF, which is the specific tax form used to report the activities and financial status of a private foundation. This form can be downloaded from the official website of the Internal Revenue Service (IRS) or obtained through other authorized sources.
3. Carefully read the instructions provided with Form 990-PF. It is essential to understand the specific requirements and reporting guidelines set forth by the IRS to ensure accurate and compliant completion of the form.
4. Begin filling out the form by providing basic information about the private foundation, such as its name, address, EIN (Employer Identification Number), and other identifying details as required.
5. Proceed to complete the financial sections of the form, including reporting the foundation's revenue sources, expenses, investments, and assets. It is crucial to provide detailed and accurate information, ensuring proper classification and presentation of the foundation's financial data.
6. Report any activities or transactions that may be subject to excise taxes, such as taxable expenditures or excess business holdings. The form provides appropriate sections to disclose these details, and it is important to adhere to the IRS guidelines when providing this information.
7. Provide details about the foundation's grants and contributions made during the tax year. This includes information about the recipients, the purpose of the grants, and the amount distributed. It is important to accurately report all grant activities, ensuring compliance with applicable regulations.
8. Complete any additional schedules or attachments that may be required based on the foundation's specific financial activities or circumstances. These schedules provide more detailed information and help provide a comprehensive overview of the foundation's operations.

Who needs a Return of Private Foundation?

1. Private foundations are required by law to submit a Return of Private Foundation (Form 990-PF) to the IRS each year. This includes organizations that meet the IRS criteria of a private foundation, such as those established by an individual, family, or corporation.
2. The return of private foundation is necessary for organizations that wish to maintain their tax-exempt status and comply with the reporting requirements set forth by the IRS. Filing this return allows the IRS to monitor the foundation's activities, ensure compliance with tax laws, and verify that the foundation is operating within the scope of its tax-exempt purpose.
3. Even if a private foundation does not owe any taxes due to its charitable activities, it is still required to file the return to maintain its tax-exempt status. Failure to file the return or providing inaccurate or incomplete information can result in penalties or loss of tax-exempt status for the foundation.

Remember, it is always advised to consult with a qualified tax professional or seek legal advice to ensure proper compliance with tax laws and regulations when filling out the return of private foundation.

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What is return of private foundation?

The return of a private foundation is a form filed with the IRS to report the organization's financial information and activities.

Who is required to file return of private foundation?

Private foundations are required to file a return with the IRS each year.

How to fill out return of private foundation?

The return of a private foundation can be filled out using Form 990-PF, which requires information on the organization's finances, activities, and governance.

What is the purpose of return of private foundation?

The purpose of the return is to provide transparency about the foundation's financial activities and ensure compliance with tax laws.

What information must be reported on return of private foundation?

Information such as the organization's income, expenses, grants awarded, and governance structure must be reported on the return.