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?
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Why Lorman?
Over 35 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
- Recent Events and History
- Basic Principals
- Recent Legislation
- 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 - Review of Form K-1
- Current State of Events and Trends: Examples
- Digest of Published Rulings
- Additional Materials and Resources
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Why Lorman?
Over 35 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 Course
This course was last revised on November 19, 2019.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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More Program Information
Why Lorman?
Over 35 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 35 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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