The IRS strictly prohibits self-dealing between private foundations and so-called “disqualified persons.” Potential penalties for the disqualified person and foundation staff are stiff. Here’s what you need to know to avoid liability. Stiff penalties The Internal Revenue Code imposes a minimum 10% excise tax on disqualified persons on the amount involved in a self-dealing transaction….
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Sechler Morgan CPAs PLLC is an Arizona-based CPA firm dedicated to serving nonprofit organizations with care and purpose since 1985.