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To help exempt organizations “silo,” or separately compute, their unrelated business or trade income, three experts who will be giving a presentation on the topic at the upcoming Not-for-Profit Industry Conference offer their thoughts.
The Fourth Circuit affirms that, without recording a transfer of ownership, the owners' interest in the property was not severed.
Highly paid employees require some exempt organizations to pay an excise tax.
The Tax Court held that the taxpayer had no ownership interest that would generate passthrough losses.
The IRS issued final regulations on the excise tax on excess remuneration over $1 million paid by tax-exempt organizations, finalizing proposed regulations with a few changes in response to comments.
The IRS has posted final regulations governing how tax-exempt organizations determine if they have more than one unrelated trade or business for purposes of unrelated business income tax.
The Federal Reserve board announced that it has made changes to the Main Street Lending Program to allow more participation from not-for-profits, including educational institutions, hospitals and social service organizations.
UBTI is computed separately for each unrelated trade or business.
The IRS issued proposed regulations implementing changes to Sec. 274 that disallow a deduction for the expense of any Sec. 132(f) qualified transportation fringe provided to an employee, effective for amounts paid or incurred after Dec. 31, 2017.
The IRS finalized regulations permitting tax-exempt organizations other than Sec. 501(c)(3) orgs. to omit the names of substantial donors when filing Forms 990.
The IRS issued proposed regulations on how to identify separate trades or businesses to determine a tax-exempt organization’s unrelated business taxable income under new rules that require different trades or businesses to be reported separately or siloed.
The IRS announced that Form 1023, Application for Recognition of Exemption Under Section 501(c)(3), must now be submitted electronically.
The rulemaking mainly consolidates existing guidance in one location, but it also responds to a recent court decision that held invalid certain changes to donor-reporting requirements.
IRS Form 990 is a complex, comprehensive form that can be a big challenge for a not-for-profit organization to prepare. Brian Yacker, CPA, J.D., managing partner of YH Advisors, describes best practices for a stress-free and compliant preparation of Form 990.
Dave Moja, CPA, a tax partner at CapinCrouse LLP, discusses some of the activities not-for-profits should be aware of that produce unrelated business income.
With tax season underway for calendar-year taxpayers, Betsy Krisher, CPA, explains four key provisions in the new tax law that have a significant effect on not-for-profits.
Not-for-profits should proceed carefully as they consider whether to accept gifts of virtual currency. And here’s how they should proceed if they do.
Change does not apply to 501(c)(3)organizations.
A second taxpayer's captive fails to qualify as an insurance company.
News IRS procedures eliminate the requirement for many exempt organizations to list certain substantial donors’ names and addresses on some forms.
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100th ANNIVERSARY
Black CPA Centennial, 1921–2021With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.