Form 990-T: Common Issues (NOT2610)
This course will explore and illustrate Form 990-T preparation tasks.
Format
Online
NASBA Field of Study
Taxes
Level
Intermediate
CPE Credits
1.5
Author(s)
Eve Borenstein
Availability
1 year
Product Number
BLIBOCFCI26SSO
This session will explore and illustrate Form 990-T preparation tasks. Attendees will review how to identify unrelated business revenue/income (UBI) and focus on the proper reporting of income and expenses from common activities such as rental arrangements, advertising, sponsorships, partnerships, and investment income. Participants will work through practical examples highlighting:
- Classification of revenue coming from related versus unrelated business activities
- Common problem areas, including allocation of expenses and net operating losses
- Exploration of unrelated business income tax (UBIT) implications when revenue comes from partnerships, alternative investments, or when such an income stream is “debt-financed”
- Disclosure and planning opportunities to minimize UBIT exposureBy the end of the session, participants should be more confident in analyzing revenue-generating activities’ potential UBIT exposure, preparing Form 990-T, and advising tax-exempt organizations on proper UBIT-reporting.
Who Will Benefit
- CPAs, CGMA designation holders, accountants, consultants, tax advisers, auditors and other financial managers with not-for-profit clients
- NFP financial executives, including CFOs, CEOs/executive directors, controllers, directors of finance and board trustees
- Fiscal managers and staff at not-for-profits
Key Topics
- Determining What Is Truly Related to the Mission
- Increased Complexity from UBIT Silo Rules
- Scrutiny of Revenue Streams
- Investment and Partnership Income Require Greater Due Diligence
- Documentation Is the Best Defense
- New Legislative and Regulatory Developments
Learning Outcomes
- Identify when Form 990-T is required, including how current gross income thresholds and activity types trigger a filing requirement.
- Distinguish between related and unrelated business activities and when more complex revenue streams, such as advertising, sponsorships, rentals, partnerships, and investment income, are subject to UBIT.
- Apply Form 990-T rules for proper reporting of income, direct expenses, and allocations of shared expenses across multiple activities.
- Identify how various unrelated income streams flow through to Form 990-T.
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2 to 5 registrants
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