This session will focus on hot topics in the international inbound area of tax.  We will include a general update, discuss status of the Withholding  tax regime, State and Local Tax, and SMLCC Form 5472 filing requirement.

Given the recent tax stimulus legislation and complexities still lingering from TCJA, partnerships are finding opportunities and exposure in already filed returns.  Partnerships have been particularly affected because many were ineligible for broad due date relief.  Further, IRS has indicated that enforcement will focus on issues relating to TCJA and stimulus legislation. Determining how best to handle these scenarios in the current environment is challenging. This panel will discuss how to navigate those challenges.

How are the new FASB reporting standards from the last year impacting private foundations and the financial reporting by grantees. What are the reporting considerations for the upcoming year, and what is on the horizon. The discussion will spotlight shifts in how foundations are using their endowment and factors that may impact an annual audit.

No entity (organization, nation, or individual) is exempt from cyber security attacks. These attacks have been used to steal identities, paralyze cities, cause reputational damage, and have cost trillions of dollars to the global economy impacting the consumer, nations, and organizations. This brief session will inform participants of what the top cyber security threats are, who is in engaging in these types of crimes, why, and how are they succeeding. This session will inform the participants on what they can do to identify vulnerabilities within their organizations and reduce the risk of becoming a victim. We will also discuss what activities, effective processes, and investments participants should focus on to continuously mitigate the risk associated with this continuous threat.

This session will provide a refresher on the relationship between investment and spending policies and how they can affect the Foundation's future. We'll take a look at what financial leaders and CPAs should inquire about and how to prepare for the next financial crisis.

What is Impact Investing and what does a robust social investment portfolio look like? What are the internal structures needed to support that work? What are Opportunity Zones and what are the problems and promises around them? Here from a peer foundation and an expert on Opportunities Zones, that has testified in front of the House Small Business Subcommittee, on how they approach and manage this work to leverage capital and expand opportunities in America’s cities.

This session will provide insights and suggestions related to aligning financial and tax reporting as part of the end of year process, focusing on the coordination of gathering and reporting financial information to various users, including the organization's board, auditors and tax return preparers.  The panel will also discuss a variety of book-tax differences that are required to be determined when preparing federal Form 990-PF, including:

· Timing of grant reporting

· Treatment of in-kind services and use of facilities

· Making accrual to cash adjustments

· Allocation of expenses between net investment income and qualifying distributions

·         Impact of program related investments

·         Tracking and reporting of alternative investments

·         Adjustments for unrelated business income

It's been quite a year. Private foundations have been at the crosshairs of global pandemic and social unrest creating tremendous need among grantees combined with a volatile stock market and cloudy economic forecast creating many unforeseen challenges for investment and spending decisions. At the same time, Congress has changed the tax law with alarming speed, from the austerity and revenue raisers associated with the Tax Cuts and Jobs Act to the stimulus and liberalism of the CARES Act, inducing profound whiplash to all concerned. The parking tax was here one day, gone the next. Will UBIT silos be next? And what surprises will the next Congress have in store for foundations? Let's discuss.

Those charged with management and investments of a private foundation need to understand the definitions of disqualified persons and track who is in this category. Whether the disqualified person is an individual or an entity, there are certain prohibitions on direct and indirect acts of self-dealing as well as investment activities. This session will cover practices employed by foundations and their advisors.