Unrelated Business Income and Form 990-T
Even though an organization is recognized as tax exempt, it still may be liable for tax on its unrelated business income. While the rules can be challenging, there are rules that can help an organization understand when and how it applies, and exceptions and exclusion to minimize or avoid the tax. This session will focus on the standards and guidelines for determining whether income is UBI, and will explore the calculations and preparation of Form 990-T, Exempt Organization Business Income Tax Return.
After completing this course, you will be able to:
- Identify what qualifies as UBI for a §501(c)(3) exempt organization
- Use the exceptions and exclusions to correctly report UBI
- Be aware of expenses available to offset UBI
- Appropriately prepare Form 990-T to calculate and report UBIT
Tracy Paglia, CPA, is a tax partner with Moss Adams LLP. She has over 19 years of public accounting experience identifying and meeting the tax and consulting needs of Not-for-Profit and exempt Healthcare clients, their for-profit affiliates and donors. Her expertise includes areas such as attaining, maintaining and termination of tax exempt status, preparing and analyzing the Form 990, state registration and filing requirements, intermediate sanctions, compensation issues, forming and operation ... View Full Profile