Form 990-T Filing Requirements: UBTI Reporting for Exempt Trusts, IRAs and Other Qualified Plans
Identifying UBTI and UDFI Generating Assets in Exempt Trusts, New Aggregation Rules
Recording of a 110-minute CPE webinar with Q&A
This course will give trust tax advisers and fiduciaries a thorough guide to recognizing and reporting unrelated business taxable income (UBTI) generated by assets held in trusts and estates, including inherited retirement plans. The webinar will focus on the standards and guidelines for determining whether income derived from assets in a qualified plan is UBTI, and thus subject to tax, and will provide detailed guidance into Form 990-T filing requirements for fiduciaries.
- UBTI and UBIT rules overview
- Identifying UBTI in trusts and estates
- Assets that commonly generate UBTI
- IRA trusts that hold UBTI assets
- Special trust rules
- Form 990-T filing thresholds
- UBTI calculations and schedules
- Tax computation
- Allocation of expense deductions
- Rent income (Schedule C)
- Unrelated debt-financed income (Schedule E)
- Exploited activities (Schedule I)
- Advertising income (Schedule J)
- Other schedules
- New segregation rules for multiple UBTI-generated assets
- UBTI in IRAs and qualified plans
The panel will discuss these and other relevant topics:
- What assets and structures will generate UBTI?
- How do MLPs held by a trust or qualified plan UBTI reporting and payment requirements?
- What are the estimated payment rules for trusts and estates with unrelated business income tax liabilities?
- Unrelated debt-financed income (UDFI) rules and treatment of qualified plan assets financed by debt
- What impact will the new segregation rules for separate UBTI-generating assets have on trusts?
Garrett M. Higgins, CPA
PKF O'Connor Davies
Mr. Higgins is Partner-in-Charge of the Exempt Organization Tax and Advisory Services Group of his firm. He provides... | Read More
Mr. Higgins is Partner-in-Charge of the Exempt Organization Tax and Advisory Services Group of his firm. He provides tax compliance and advisory services to tax-exempt organizations. His expertise extends across a broad range of tax-exempt and other accounting and audit topics, including significant experience with public charities and private foundations, as well as tax compliance and consulting issues affecting educational institutions, welfare benefit trusts, health care and other types of exempt organizations. He is viewed as a technical authority and is regularly asked to author articles and present at firm-sponsored and other tax-exempt industry events.Close
Melissa Modelson, CPA
PKF O’Connor Davies
Ms. Modelson is a manager in the Exempt Organization Tax and Advisory Service practice of PKF O’Connor Davies,... | Read More
Ms. Modelson is a manager in the Exempt Organization Tax and Advisory Service practice of PKF O’Connor Davies, LLP. She has over 9 years experience advising not-for-profit organizations and provides tax compliance and consultingservices to a variety of organizations exempt from income tax.Close