Non-Profits and Unrelated Business Income: Evaluating Non-Core Revenue Streams
Preparing for Tough Scrutiny of UBI by the IRS
Recording of a 110-minute CLE teleconference with Q&A
Conducted on Wednesday, July 11, 2012
Recorded event now available
This teleconference will provide accounting advisors with an update on new developments involving unrelated business income (UBI) oversight at the federal level. The panel will offer suggestions to improve planning and preparation for IRS non-profit audits.
Description
The need for non-profits and their advisors to skillfully navigate policy on when UBI leads to a tax bill has never been more pressing. A U.S. House subcommittee recently held hearings on oversight of tax-exempt activities, and a far-reaching inquiry seems likely.
That inquiry could address the IRS' ongoing project on college and university compliance, religious organizations and UBI, redesign of Form 990, and Form 990-T filing trends. Other new guidance and IRS activities demand attention. The updated IRS Publication 598 (UBI guidance) and 2012 work plan are examples.
Non-profits are still adjusting to rules for when 501(c)(6) organizations with affinity marketing programs must report UBI. A review of material developments involving federal oversight, regulations and guidance on UBI can help non-profits and advisors be ready to act swiftly and correctly.
Listen as our panel of experienced non-profit tax advisory specialists brings you up to speed on the latest new guidance and shifts in UBI tax policy and compliance initiatives at the federal level.
Outline
- Latest developments at the federal level
- House subcommittee hearings
- IRS compliance projects on colleges and universities, and churches
- Material new or revised IRS guidance on UBI
- Updated Publication 598
- 2012 IRS work plan, and UBI's role in it
- Requirements for 501(c)(6) organizations with affinity marketing programs to file Form 990-T and report UBI
- Letter rulings
- Policy related comments at exempt organizations conference
- Audit planning alternatives
- Recommended approaches for non-profits to adjust to federal policy shifts
Benefits
The panel will explore what is and isn't now considered UBI, based on these and other latest developments:
- Congressional inquiries and special IRS oversight programs on colleges and faith-based organizations.
- Updated IRS guidance and work plan.
- Special rules for affinity programs and 501(c)(6)es.
- Trends in IRS audits of non-profits.
Upon completing this seminar, you will be familiar with the most recent changes in federal policy toward what constitutes non-profit unrelated business income (UBI) and better prepared to comply with and plan for associated tax implications.
Faculty
Patricia Jo Mayer, Senior Tax Manager
Moss Adams, San Diego
She is attached to the firm's not-for-profit industry group and serves as its regional NPO tax expert for Suthern California. She works on tax compliance and planning for NPOs and foundations, among other clients, and is a frequent speaker on non-profit topics to professional groups.
Greg McRay, CEO
Foundation Group, Nashville, Tenn.
He founded the firm, which specializes in entity formation and tax compliance for 501(c)(3) organizations, in 2000. The firm has guided more than 12,000 non-profits through the 501(c)(3) process.
Ordering
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Available ten business days after the live event
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Customer Reviews
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Komisar Brady & Co.
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KMH
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Sample and Bailey
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Joanna Johnston
Savas Greene & Company
Accounting Non-Profit Services Advisory Board
Partner
Making Auditors Proficient
Steven J. Luber
Senior Manager
PricewaterhouseCoopers
Tax Partner
Morgan Lewis
Daniel Romano
Partner-In-Charge, National Not-For-Profit Tax Practice
Grant Thornton
Chris Stanz
Principal, Non-Profit and Government Practice
LarsonAllen
Principal
Strand and Associates
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