What IRS Form 990-PF (2013) Is For
IRS Form 990-PF (2013) is a federal information return that each private foundation must submit to the Internal Revenue Service. The form reports federal income tax details, investment income, capital gains, and financial gains from sources such as mutual funds and savings accounts. It ensures that organizations meet their annual filing requirements and pay any federal excise taxes owed.
The Internal Revenue Service uses Form 990-PF to evaluate whether each foundation’s financial transactions comply with federal tax law. The return discloses how funds are managed, distributed, and invested throughout the tax year. Each submission provides public transparency by confirming that the funds paid, gains recorded, and distributions made fulfill the foundation’s charitable and legal obligations.
Private foundations that need structured support for completing their annual information return may refer to our Form 990-PF – Return of Private Foundation Full Filing Guide, which outlines reporting steps, required disclosures, and regulatory expectations for Section 501(c)(3) organizations.
When You’d Use IRS Form 990-PF (2013)
Private foundations file IRS Form 990-PF when they must report annual income, asset holdings, and charitable activities to the Internal Revenue Service. The form applies to organizations that qualify for tax-exempt status and remain responsible for demonstrating compliance with federal reporting requirements. It ensures that each taxpayer, corporation, and business owner provides complete and accurate information to the Internal Revenue Service.
The filing requirement also applies to entities earning investment income through retirement assets, such as a Roth IRA. Businesses that manage charitable programs or act as grant-making bodies must also submit this form. Each investor and shareholder must disclose how funds are used, distributed, and managed throughout the tax year.
The Internal Revenue Service uses this information to verify accountability across private foundations. The filing provides legal assurance that all transactions remain transparent and compliant with federal law.
Key Rules or Details for 2013
Private foundations must comply with several important filing requirements for the 2013 tax year. The Internal Revenue Service uses the filed information to confirm that each organization operates in accordance with federal law and maintains its tax responsibilities. Each section of the return provides a detailed record of income, activities, and distributions.
Who Must File
Every organization classified as a private foundation must submit IRS Form 990-PF, regardless of its age, income, or size. Each filing must include the foundation’s address, employer identification number, and the date of the accounting year. This ensures consistent and traceable reporting.
Filing Scope and Responsibility
The IRS generally requires a filing even if no income or charitable activities occurred. Each organization must report all outstanding debts and other types of relevant financial data. This reporting confirms compliance and protects the foundation’s legal standing.
Step-by-Step (High Level)
Filing IRS Form 990-PF requires careful preparation and attention to financial detail. Each private foundation must follow a structured process to ensure that its information is accurate and complete. The Internal Revenue Service reviews each submission to confirm compliance with all reporting rules.
Step 1: The organization gathers all financial records and supporting documentation related to income, expenses, and distributions.
Step 2: The accounting team calculates how the organization generated investment income from assets such as property or securities.
Step 3: The preparer reviews each section of the return for accuracy and ensures that all required schedules are attached.
Step 4: The foundation submits the form to the Internal Revenue Service on time to prevent filing errors or penalties.
Each completed filing confirms compliance with federal law, ensures accurate disclosure of financial data, and reinforces the foundation’s public accountability.
Common Mistakes and How to Avoid Them
Private foundations frequently encounter preventable mistakes when filing IRS Form 990-PF. Each issue can delay the processing of the tax return or create unnecessary compliance problems. The table below lists common filing errors and the correct actions to avoid them.
- Each organization should review all attachments before filing to confirm that every required schedule is included with the return.
- The accounting staff verifies all investment values for property, motor-vehicle assets, and retirement accounts before submission.
- The preparer checks that all sections contain accurate totals and complete data before signing the form.
- The foundation files early, confirms delivery through the IRS system, and keeps a dated copy for its records.
- The organization ensures that an authorized officer signs the return before submission to prevent invalidation.
Each foundation benefits from careful review before filing, as accurate reporting prevents compliance setbacks and ensures legal and financial accountability.
What Happens After You File
Once a private foundation files IRS Form 990-PF, the Internal Revenue Service reviews the submission for accuracy and completeness. The agency uses the information to determine whether the foundation complies with all federal reporting standards. The Internal Revenue Service verifies each entry to ensure that amounts and descriptions match the organization’s records.
The IRS stores the completed return in its public database, where anyone can review the financial information. The filing may affect how the public, donors, and regulators evaluate the foundation’s accountability. Consistent filings demonstrate a record of compliance and transparency with the Internal Revenue Service.
Accurate reporting supports long-term tax compliance. It helps prevent inquiries or follow-ups from the IRS. It also reinforces the foundation’s legal and financial credibility. Organizations that need additional instructions, prior-year form references, or clarification on reporting requirements may refer to our IRS Form Help Center, which provides a centralized resource for federal form summaries and compliance guidance.
FAQs
What is the excise tax on investment income?
The excise tax applies to a private foundation’s investment income, including interest, dividends, and capital gains. The Internal Revenue Service imposes this tax to ensure foundations contribute to federal revenue based on their financial activity. The rate depends on how the organization meets its annual charitable distribution requirements.
How does the IRS define investment income?
Investment income includes earnings from stocks, bonds, and other types of financial instruments that generate profits. It also covers interest payments, dividends, and similar returns on invested funds. Each foundation must report this income accurately in its annual filing requirements.
What qualifies as capital gains for private foundations?
Capital gains represent profits earned when a foundation sells an asset for more than its cost. These assets may include property, stocks, or bonds. Accurate reporting of gains helps the IRS determine whether excise taxes are imposed correctly.
Are interest payments subject to income tax?
Interest payments received from savings or investments may be subject to federal income tax rules. Each organization must record this information clearly within its financial disclosures. Proper reporting maintains compliance with federal authority requirements.
Why is accuracy important when completing filing requirements?
Accurate reporting protects the organization’s credibility with the IRS and public stakeholders. The locked padlock icon on electronic filings confirms data security and submission integrity. Reliable filings demonstrate the foundation’s accountability and confirm the lawful management of funds.
Private foundations that require access to additional federal forms, supporting schedules, and archived IRS filings may consult our Federal Fillable Tax Forms directory, which provides an organized collection of federal reporting resources.
