Form 990-PF is a variant of the 990 series used by private foundations to report their total assets, financial activities, grants, awards, charitable distributions, and governing officers to the IRS. It also helps private foundations calculate taxes based on investment income.
Here are five common questions that a private foundation may have while preparing for its upcoming tax filing deadline.
Should my organization file Form 990-PF?
Generally, the organizations that are classified as private foundations by the IRS should file Form 990-PF for every tax year.
Primarily, it is filed by,
Exempt and Taxable Private foundations
Section 4947(a)(1) nonexempt charitable trusts treated as private foundations
Organizations that made an election under section 41(e)(6)(D)(iv)
For more details, check out this Article. https://www.expresstaxexempt.com/form-990-pf/what-is-form-990-pf/.
When is my Form 990-PF due?
Like all the other 990 variants, the deadline to file Form 990-PF is the 15th day of the 5th month after the end of the organization’s accounting period. When this due date falls on a holiday or weekend, private foundations have until the next business day to file.
The deadline for foundations operating on a calendar tax year was on May 16th, 2022.