Form 990-T Filing Requirements: UBTI Reporting for Exempt Trusts, IRAs and Other Qualified Plans
Identifying UBTI and UDFI Generating Assets in Exempt Trusts, New Aggregation Rules
Recording of a 110-minute CPE webinar with Q&A
This course will give trust tax advisers and fiduciaries a thorough guide to recognizing and reporting unrelated business taxable income (UBTI) generated by assets held in trusts and estates, including inherited retirement plans. The webinar will focus on the standards and guidelines for determining whether income derived from assets in a qualified plan is UBTI, and thus subject to tax, and will provide detailed guidance into Form 990-T filing requirements for fiduciaries.
Outline
- UBTI and UBIT rules overview
- Identifying UBTI in trusts and estates
- Assets that commonly generate UBTI
- IRA trusts that hold UBTI assets
- Special trust rules
- Form 990-T filing thresholds
- UBTI calculations and schedules
- Tax computation
- Allocation of expense deductions
- Rent income (Schedule C)
- Unrelated debt-financed income (Schedule E)
- Exploited activities (Schedule I)
- Advertising income (Schedule J)
- Other schedules
- New segregation rules for multiple UBTI-generated assets
- UBTI in IRAs and qualified plans
Benefits
The panel will discuss these and other relevant topics:
- What assets and structures will generate UBTI?
- How do MLPs held by a trust or qualified plan UBTI reporting and payment requirements?
- What are the estimated payment rules for trusts and estates with unrelated business income tax liabilities?
- Unrelated debt-financed income (UDFI) rules and treatment of qualified plan assets financed by debt
- What impact will the new segregation rules for separate UBTI-generating assets have on trusts?
Faculty
Garrett M. Higgins, CPA
Partner
PKF O'Connor Davies
Mr. Higgins is a member of the Firm’s Executive Committee. He serves as Partner-in-Charge of the Exempt... | Read More
Mr. Higgins is a member of the Firm’s Executive Committee. He serves as Partner-in-Charge of the Exempt Organization Tax and Advisory Services Group and has over 20 years of experience providing tax compliance and advisory services to tax-exempt organizations. Mr. Higgins current tax-exempt clients include private foundations, colleges and universities, museums, health care organizations, large public charities, pension and welfare benefit trusts and a number of other non-profit organizations. His considerable expertise extends across a broad range of tax-exempt and other accounting and audit topics. Mr. Higgins has significant experience with public charities and private foundations as well as experience with the tax compliance and consulting issues affecting educational institutions, welfare benefit trusts, health care and other types of exempt organizations. His specific areas of tax and business expertise encompass unrelated business income tax planning, state and local tax planning and reporting, executive compensation, operational and transaction structuring, use of taxable subsidiaries of tax-exempt organizations, intermediate sanctions planning and compliance and fundraising. Mr. Higgins is viewed as a technical authority and is regularly asked to author articles and present at firm-sponsored and other tax-exempt industry events.
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Melissa Modelson, CPA
Tax Manager
PKF O’Connor Davies
Ms. Modelson is a manager in the Exempt Organization Tax and Advisory Service practice of PKF O’Connor Davies,... | Read More
Ms. Modelson is a manager in the Exempt Organization Tax and Advisory Service practice of PKF O’Connor Davies, LLP. She has over 9 years experience advising not-for-profit organizations and provides tax compliance and consultingservices to a variety of organizations exempt from income tax.
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