Virtual Nonprofit Series: Nonprofit Tax and 990-T Update
Live Virtual Seminar
2.00 Credits
Member Price $99.00
Price will increase by $50 on 8/22
Non-Member Price $159.00
Price will increase by $50 on 8/22
Overview
Stay current with critical nonprofit tax compliance updates in this must-attend session led by Eve Borenstein, nationally recognized as the “Queen of the 990.” Since the Tax Cuts and Jobs Act of 2017, Form 990-T filing requirements have become significantly more complex. Nonprofits must now navigate the challenge of identifying and categorizing separate unrelated trades or businesses - an already difficult task made even harder by the need to determine whether an activity is subject to unrelated business income tax (UBIT) in the first place.
This session begins with a clear explanation of what constitutes an unrelated activity and when it triggers UBIT, including a review of statutory exclusions. From there, the seminar explores the more nuanced requirements for grouping unrelated activities - both by type and by relationship. Discover key considerations around income from partnerships, including categorization, investment income issues, and quirks in the regulatory guidance that apply to UBIT sub-sector rules.
Expect practical insights, tips for streamlining your compliance process, and reassurance that you’re not alone in navigating this challenging landscape.
Highlights
- Overview of unrelated business income tax (UBIT) and Form 990-T filing triggers
- Statutory exclusions from UBIT
- Post-TCJA rules for identifying and grouping separate trades or businesses
- Partnership income considerations and categorization for UBIT
- Investment income complications and reporting challenges
- Practical insights from recent IRS guidance on UBIT
- Compliance tips and workflow recommendations for nonprofit tax professionals
Prerequisites
Basic knowledge of nonprofit tax reporting, including familiarity with Form 990 and general unrelated business income tax (UBIT) concepts.
Designed For
CPAs and accounting professionals working in nonprofits or who have nonprofit organizations as clients, financial officers or board members of nonprofits.
Objectives
- Identify which nonprofit activities are subject to unrelated business income tax (UBIT) and apply relevant statutory exclusions.
- Analyze and properly group unrelated business activities in accordance with current IRS requirements.
- Evaluate the implications of partnership income on Form 990-T filings, including handling of investment income.
- Apply recent IRS guidance and regulations to real-world nonprofit scenarios involving UBIT.
- Develop strategies to improve organizational compliance with complex Form 990-T reporting requirements.
Notice
This session is part one of the four-part Nonprofit Virtual Series. Sessions can be purchased individually, or save $80 when purchasing the bundle webinar package (see below).
This event is part of the following bundles:
Leader(s):
Leader Bios
Eve Borenstein, Eve Rose Borenstein LLC
Eve has practiced law since 1985, operating first for 15 years the Tax Exempt Law Office of Eve Rose Borenstein, LLC, and then, from January 2004 through April 2019, BAM Law Office, LLC (formerly Borenstein and McVeigh Law Office). As of May 1, 2019 Eve is Of Counsel with Harmon, Curran, Spielberg & Eisenberg, LLP www.harmoncurran.com, although semi-retired and only handling limited client engagements as of April 2023. In all three firms, her practice has focused almost exclusively on the unique tax and administrative rules applied by the IRS, as well as federal and state agencies, to "tax-exempt" organizations. In addition to practicing law, Eve also has operated since 1990 a teaching and speaking consultancy, Eve Rose Borenstein, LLC www.taxexemptlaw.org. (the subject of this site!)
Eve's extensive experience serving exempt organizations and their advisors nationally includes assisting an extraordinarily diverse clientele of organizations of all sizes on planning issues and compliance needs, as well as direct representation before the IRS. Over 30+ years she has represented more than 1,100 organizations on IRS field audit exams, private letter ruling requests, exemption applications and sub-classification determinations, and other status issues.
Eve has long worked to expand exempt organizations' access to quality legal and accounting assistance. With the American Bar Association's Tax Section Committee on Exempt Organizations, the TEGE Exempt Organizations Council and other professional association committees (including those of the AICPA), she has committed thousands of hours to expanding pro bono assistance to the nonprofit sector and to efforts with the IRS relating to improvement of the agency's nonprofit filings and procedures.
Eve's teaching and educational consultancy has long-served nonprofits as well as the CPAs and lawyers who assist the sector. Via CPE course development and instruction, and speaking and training engagements, Eve has long committed a significant portion of her work hours to helping the sector "do it right the first time".
Eve is a proud New Jersey native and initially was a New England-transplant (graduating from the University of Rhode Island). She move to Minneapolis in 1982 to attend the University of Minnesota Law School (graduating in 1985), and never left. Her first job after law school was in Ernst & Whinney's Tax Department, where she was mentored in all things EO, after which she began her own law practice (and the rest is history!). She resides in Minneapolis and has two wonderful children (and two grandchildren), all of whom live close by.
Non-Member Price $159.00
Member Price $99.00