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90-minute live streaming program
  • November 27
  • 1:00 - 2:30 pm EST

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Unrelated Business Income Tax

November 27

Donít let your unrelated business income result in noncompliance. Determine what income is subject to UBI Tax with certainty in light of recent legislation.

With the recent passage of H.R. 1, ĎTax Cuts and Jobs Actí, 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, ĎFY 2018 Work Planí contains drastic revisions to the IRSí compliance initiatives and a new IRS Unit, ĎCompliance Planning and Classificationí (CP and C) Unit. The Work Plan is a culmination of the certain key focus areas of the IRS and the implications of the IRSí 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?

Learning Objectives

  • You will be able to review what income is subject to UBIT based on historical and new legislation.
  • You will be able to identify and recognize familiar and new concepts of UBI such as website revenue.
  • You will be able to determine ways to reduce or eliminate UBI.
  • You will be able to explain acknowledgments or sponsorship vs. advertising, as well as identify code specific excluded income.

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

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 Ė Review of Form K-1
  • Current State of Events and Trends
  • Digest of Published Rulings
  • Additional Materials and Resources
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on May 17, 2018.

Call 1-866-352-9540 for further credit information.

  • Enrolled Agents 1.0
     
  • This program qualifies for 1.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Live Webinar Registration

  • Enrolled Agents 1.0
     
  • This program qualifies for 1.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     
  • CPE 1.8 including Taxes 1.8
     
  • Lorman Education Services 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 credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 1.8 hours. Prerequisite: basic knowledge of nonprofit governance issues. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     
  • Lorman Business Center, Inc. is a registered provider for CPA CPE through the State Education Department of New York, Sponsor number: 000640. The following course will carry the subject area of Taxation for 1.5 hours.
     

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Who should attend?

This live webinar is designed for accountants, CPAs, executive directors, officers, controllers, CFOs, finance directors, tax managers, enrolled agents, and tax preparers.

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Joe Giso, CPA, MST

Joe Giso, CPA, MST

Johnson O'Connor Feron & Carucci LLP

  • Partner at Johnson O'Connor Feron & Carucci LLP in Wakefield, Massachusetts
  • Member of Johnson O'Connor Feron & Carucci LLP's NFP Tax Group and the firmís Not-for-Profit Practice
  • Former managing director at CBIZ Tofias in Boston, MA
  • Former head of CBIZ, Inc. National NFP Tax Technical Community
  • Former senior tax director in the Boston office of RSM US, LLP (McGladrey, LLP)
  • Provides tax consulting services dedicated to improving the accountability and efficiency of tax-exempt organizations and consulting in intermediate sanctions, lobbying, unrelated business income, website reviews, charitable solicitations and foreign reporting requirements, Board governance, and state issues such as real estate and local tax exemptions
  • Consulted: University of New England; Museum of Fine Arts; Museum of Science; Lowell General Hospital; Brooks School; Boston Athenaeum; Facing History Ourselves, Inc.; Lasell College; Lesley University; Loomis Communities, Inc.; American Public Television; Massachusetts Society for the Prevention of Cruelty to Animals; St. Joseph's College of Maine; National Fire Protection Association; Pathfinder International; The Home for Little Wanderers; Buckingham, Browns & Nichols School Winsor School; and New England Aquarium Corporation
  • Professional affiliations include the AICPA and the Massachusetts Society of CPAs
  • Certified Public Accountant
  • M.S.T. degree, Bentley College; B.A. degree in accounting, Suffolk University
  • Can be contacted at 781-914-3329 or j.giso@johnsonoconnor.com
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Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 404424
Published 2018
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