New York Society of CPAs Recommends Changes to Private Foundation Returns

In a comment letter addressed to Tamera Ripperda, Director of Exempt Organizations at the IRS, the New York Society of CPAs recommends that certain changes could be made to Form 990-PF, Return of Private Foundation (the Form) that would improve IRS oversight responsibilities, simplify and increase accuracy of form preparation and filing, enhance consistency between Forms 990 and 990-PF and encourage electronic filing.  The NYSSCPA states it also believes that these changes are logical modifications that do not constitute an overhaul of the Form 990-PF. These changes could be implemented easily, and incorporated into the Form as early as the 2015 Form 990-PF.

Download full comment letter at NYSSCPA comment letter.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.