UBTI and UBIT for Exempt Organizations: Mastering Form 990-T, Siloing Unrelated Activities, and Avoiding Audit Traps
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE video webinar with Q&A
This course will give nonprofit tax professionals and advisers a good look at the rules governing unrelated business income tax. The webinar will focus on guidelines for determining whether income is unrelated business taxable income (UBTI), how separate business lines are determined under the regulations, and a detailed exploration into the calculations and preparation of Form 990-T Exempt Organization Business Income Tax Return.
Outline
- UBTI overview
- Form 990-T filing thresholds
- UBTI calculations and schedules
- Rental income (Schedule A Part IV)
- Unrelated debt-financed income (Schedule A Part V)
- Income from controlled subsidiaries (Schedule A Part VI)
- Exploited activities other than advertising (Schedule A Part VIII)
- Advertising income (Schedule A Part IX)
- Allocation of deductible expenses
- Tax computation and state tax considerations
- Latest guidance on determining separate lines of business activities
- IRS audit triggers leading to increases in UBTI
Benefits
The panel will discuss these and other relevant topics:
- Definition of UBTI and Form 990-T filing thresholds
- Deduction standards for expenses in UBTI calculations
- Rental income as UBTI
- Siloing unrelated business activities
- Advertising activities
- Unrelated debt-financed income
Faculty
Farah N. Ansari, Esq.
Partner
Schenck Price Smith & King
Ms. Ansari is Co-Chair of the Nonprofit Practice Group and a member of the Tax Planning Practice Group. She possesses... | Read More
Ms. Ansari is Co-Chair of the Nonprofit Practice Group and a member of the Tax Planning Practice Group. She possesses significant experience counseling tax-exempt organizations including charities, foundations, educational organizations, arts organizations, hospitals and other nonprofit organizations in both New York and New Jersey. Ms. Ansari’s practice includes counseling on issues relating to the formation of public charities and private foundations, including those with foreign operations. She also assists organizations with their transactions and tax compliance.
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Magdalena M. Czerniawski, CPA, MBA
Managing Director
CBIZ Marks Paneth
Ms. Czerniawski is a member of the firm’s Nonprofit, Government & Healthcare Group. With over 15 years of... | Read More
Ms. Czerniawski is a member of the firm’s Nonprofit, Government & Healthcare Group. With over 15 years of nonprofit industry experience, she provides tax services to a wide array of nonprofits, including charitable organizations, schools, social welfare organizations, professional associations and private foundations.
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David Trimner, CPA, MST
Managing Partner
TrimnerBeckham
Mr. Trimner brings a wide range of experience from more than 20 years in nonprofit tax consulting. He works with... | Read More
Mr. Trimner brings a wide range of experience from more than 20 years in nonprofit tax consulting. He works with growing and established public charities, private foundations, trade associations, healthcare organizations, and higher education institutions. Devoted to a thorough comprehension of the rules and regulations critical to charitable and tax-exempt entities, he helps enhance an organization's image with contributors, the media, and the general public. His areas of concentration also include unrelated business income, intermediate sanctions, obtaining and maintaining exempt status, executive compensation & benefits disclosures, IRS examinations, and state solicitation requirements.
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