Unrelated Business Income Tax
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Don't let your unrelated business income result in noncompliance.
With the recent passage of H.R. 1, 'Tax Cuts and Jobs Act', it is essential the not-for-profits review their internal procedures and documentation in order to comply and avoid substantial penalties enacted by this legislation.
The IRS has become more sophisticated and active in the arena of unrelated business income tax. The result of noncompliance can be disastrous in terms of revenue and reputational loss to the organization. The IRS has the ability to assess penalties, sanctions and even revoke the nonprofit status of the organization.
This topic will provide you with an update on the FY18 IRS Work Plan Report by the IRS Tax Exempt and Government Entities, (TE/GE). Tax Exempt and Government Entities, 'FY 2018 Work Plan' contains drastic revisions to the IRS' compliance initiatives and a new IRS Unit, 'Compliance Planning and Classification' (CP and C) Unit. The Work Plan is a culmination of the certain key focus areas of the IRS and the implications of the IRS' Compliance Check Initiative Project.
Address new issues that currently face the sector in the area of unrelated business income tax, and will explain some of the nuances of what constitutes UBIT and what is mission or exempt revenue. How do organizations recognize the potential pitfalls or take advantage of new or specifically tax exempted alternative revenue sources?
AuthorsJoe Giso, CPA, MST, Johnson O'Connor Feron & Carucci LLP
Definition of Unrelated Business Income
• History and Recent Legislation
• Basic Principals
• Tax Rates, Tax Forms and Organizations Subject to UBIT
What Income Is Subject to UBIT?
• Substantially Related Income
• Specifically Excluded Income
• Debt Financed Property
• Rents From Real Property Based on Net Profit
Alternative Revenue Sources and Information
• Website Activities
• Acknowledgments or Sponsorship vs. Advertising
• Partnership Investments - Review of Form K-1
• Current State of Events and Trends
• Digest of Published Rulings
• Additional Materials and Resources