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schedule 110 minutes

UBTI and UBIT for Exempt Organizations: Mastering Form 990-T, Siloing Unrelated Activities, and Avoiding Audit Traps

$197.00

This course is $0 with these passes:

CPE

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About the Course

Introduction

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.

Description

A primary concern of tax-exempt organizations is navigating the rules on UBTI. Many exempt organizations receive taxable income and depend on that income to carry on their charitable purpose. However, UBTI generates the need to file an income tax return and may lead to an unexpected tax bill. Excess UBTI can even jeopardize the exempt status of a nonprofit organization.

For tax-exempt organizations operating multiple unrelated business activities, the 2017 Tax Act does not allow losses from an unrelated trade or business to offset profit from a separate unrelated trade or business. Final regulations issued in November 2020 explain how to separate unrelated business activities into silos using the 2-digit NAICS codes.

Through proper planning and reporting, exempt organizations may anticipate the impact of UBTI.

Listen as our panel of experienced nonprofit tax advisers provides a deep dive into the rules and reporting requirements governing UBTI for exempt organizations.

Credit Information

BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.
BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

Date + Time

event
Tuesday, March 7, 2023
schedule
1:00 p.m. ET./10:00 a.m. PT

UBTI overview
Form 990-T filing thresholds
UBTI calculations and schedules
1. Rental income (Schedule A Part IV)
2. Unrelated debt-financed income (Schedule A Part V)
3. Income from controlled subsidiaries (Schedule A Part VI)
4. Exploited activities other than advertising (Schedule A Part VIII)
5. Advertising income (Schedule A Part IX)
6. Allocation of deductible expenses
7. Tax computation and state tax considerations
Latest guidance on determining separate lines of business activities
IRS audit triggers leading to increases in UBTI

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

Learning Objectives

After completing this course, you will be able to:

Identify what qualifies as UBTI for an exempt organization
Recognize proper computation of allocable expenses directly connected to the operation of the unrelated trade or business
Discern preparation errors that lead to the reclassification of UBTI and resultant penalties
Determine how to identify separate business activities

Field of Study: Taxes
Level of Knowledge: Intermediate
Advance Preparation: None
Teaching Method: Seminar/Lecture
Delivery Method: Group-Internet (via computer)
Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
Prerequisite: Three years+ business or public firm experience at mid-level within the organization, preparing complex tax forms and schedules; supervisory authority over other preparers/accountants. Specific knowledge and understanding of UBTI and UBIT for Form 990 T.

BARBRI, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

BARBRI CE webinars-powered by Barbri-are backed by our 100% unconditional money-back guarantee: If you are not satisfied with any of our products, simply let us know and get a full refund. Contact us at 1-800-926-7926 .