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ExpressTaxExempt Blog

Tuesday, April 25, 2017

What is Form 990-PF?

Hear ye, hear ye!

Presenting to ExpressTaxExempt: Form 990-PF!

That’s right, private foundations, it’s your time to shine! You can now e-file Form 990-PF through your ExpressTaxExempt account.

What is Form 990-PF?
Form 990-PF is a member of the 990 Series, which are filed by certain tax-exempt organizations. The “PF” stands for “Private Foundation,” and the form is used to figure the tax of private foundations based on investment income as well as report their charitable distributions and activities to the IRS. Form 990-PF can also be used in place of the section 4947(a)(1) nonexempt charitable trust’s income tax return, Form 1041, when the trust has no taxable income.

Who Needs to File Form 990-PF?
Things with the IRS are rarely as straightforward as they seem, and that means the private foundations required to report income and charitable information on Form 990-PF are:
  • -Exempt private foundations (section 6033(a), (b), and (c)),
  • -Taxable private foundations (section 6033(d)),
  • -Organizations with private foundation status whose applications for exempt status are pending and who haven’t yet applied for exempt status,
  • -Organizations that made an election under section 41(e)(6)(D)(iv),
  • -Private foundations making a section 507(b) termination, and
  • -Section 4947(a)(1) nonexempt charitable trusts treated as private foundations (section 6033(d)).

Schedule B
Much like the regular Form 990, Form 990-PF may require the filing of additional schedules to complete the return. For Form 990-PF, the most used schedule is Schedule B, which is used to report additional information about any donations of money, securities, and other property worth at least $5,000. And, don’t worry, you can also e-file it with ExpressTaxFilings!

Form 8868
Luckily for all, Form 8868 doesn’t discriminate; the 990 extension form can be used to extend your Form 990-PF deadline too! Like other 990 forms, Form 990-PF is due the 15th day of the fifth month after your tax year end date. For those of you with calendar tax years, that due date is May 15th, which you may have noticed is quickly approaching.

Luckily (again!), you can e-file Form 8868 with ExpressTaxExempt before diving into your 990-PF Form if you feel you’ll need more time to get everything just right. Just e-file Form 8868 by your original deadline and you’ll receive an automatic 6-month extension of time to file your Form 990-PF. Easy as pie!

More Questions?
If you have any other questions about Form 990-PF or e-filing with ExpressTaxFilings, don’t hesitate to give us a call! We’re always happy to help and we’re available by phone (704-839-2321), live chat, and email at support@ExpressTaxFilings.com!

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