Hidden Tax Savings and Costly Pitfalls for Private Foundations

▤ Summary

FAIRFIELD, Conn., April 30, 2019 – According to the IRS, there are more than 86,000 private foundations in the United States, and every year, each one is required to file a highly specialized tax form: the 990-PF. “In the hands of an experienced preparer, the 990-PF can yield significant savings; in the wrong hands, it can expose a foundation to scrutiny and penalties it never saw coming,” said Jeffrey Haskell, chief legal officer for Foundation Source, the nation’s largest provider of support services to private foundations. As high-net-worth individuals, families and corporations with private foundations depend on the successful timing of this complex form, Foundation Source offers the following tips: These often-missed opportunities on the 990-PF can reap savings for private foundations: The 990-PF is a potential minefield of costly mistakes: For more information on the 990-PF, visit here. For more information on the tax benefits of private foundations, visit here. Our complete outsourced solution includes foundation creation (as needed), administrative support, active compliance monitoring, philanthropic advisory, tax and legal expertise, and online foundation management tools.

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$10M to $25M