Don’t 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, 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 FY19 IRS Work Plan Report by the IRS Tax Exempt and Government Entities, (TE/GE). Tax Exempt and Government Entities, FY 2019 Work Plan contains drastic revisions to the IRS compliance initiatives and a new IRS unit, Compliance Planning and Classification (CP&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 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 32 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 | |
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| What Income Is Subject to UBIT? | |
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| Alternative Revenue Sources and Information | |
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Why Lorman?
Over 32 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 21, 2019.
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 32 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
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 firm’s 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 [email protected]
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Why Lorman?
Over 32 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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