Contracting with former employer

I currently work as the accountant for a university foundation, but I am technically an employee of the university. I have started my own practice and will be leaving the foundation at the end of 2020. The foundation wants to contract with my firm to do a chunk of my old job beginning immediately after I leave. Is there any reason why this wouldn't be allowed? I have talked briefly with an attorney and she said that there might be a waiting period requirement, but wasn't sure it applied to Universities. Any input would be appreciated.

No idea on the legal issue, but you'll want to be aware of Treas Reg Sec 1.199A-5(d)(3) as it relates to the QBID for your new practice, and structure the relationship appropriately.

Were you considered an officer or key employee of the foundation?
if yes, there may be 990 disclosures regarding this new arrangement.

I see you are a CPA and previously an auditor for the state. You need to carefully research the rules re: independence in attest functions of a former employer.

Were you considered an officer or key employee of the foundation?
if yes, there may be 990 disclosures regarding this new arrangement.

No, I was not an officer or key employee.