Tax returns of private and corporate foundations are required by law to be available for public inspection, including the general public as well as regulators, on various Internet sites, including Guidestar.com. Consequently, your foundation’s tax return will have an impact – positive or negative – on your reputation. Good stewardship is essential, and it should be reflected on every tax return.
In addition, private foundations are subject to several unique tax regulations. Allow us to advise you on such issues as:
- Review of all expenses based on IRS guidelines
- Review of self-dealing, tipping and control issues
- Calculation of the 5% distribution requirement
- Creating a private foundation, other not-for-profit entity and application for tax-exempt status
- Monitoring means of support so that charitable organizations maintain “public” charity status
- Advice regarding proper procedures and documentation to avoid “excess benefit transactions” or private investment
- Structure of executive compensation, deferred compensation plans and qualified retirement plan benefits for employees
- Treatment of lobbying or political activities
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