UBIT Under The TCJA

5 (1)

Nicholas Preusch, CPA

PBMares, LLP

Friday, July 24, 2020 | 11:00 AM EST

  • CPA
  • EA
  • CTEC
  • TAX PROS
  • CPA(Canada)
  • AFSP

Credits: 1 CPE | 1 CE

$10

Subject Area

Taxes

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Course Description

This webinar will give you an overall idea about the UNRELATED BUSINESS INCOME TAX (UBIT) and the related issues. The UBIT on income earned from both operating businesses and investment activities applies to all organizations exempt from tax under Internal Revenue Code Sec. 501(c), as well as public colleges and universities and qualified and non-qualified retirement plans. 

In this webinar we will examine the changes made by The Tax Cuts and Jobs Act, including guidance issued to date, guidance on the ability to offset UBIT loss activities against those generating positive unrelated business taxable income and changes to net operating loss rules. 

This webinar gives a general idea of what is unrelated business income. It also focuses on how to tell if income streams are related or unrelated to the non-for-profits mission along with the other rules that could exempt the income from this category. It will tell how to calculate the unrelated business income tax under the Tax Cuts and Jobs Act. We will also look at ways to minimize the impact of the TCJA on not-for-profits. We will also cover other changes for non-for-profits under the TCJA that each non-for-profit should be aware of.

Highlights of the webinar : 

  • General understanding of what is unrelated business income.
  • Calculating the unrelated business income tax under the Tax Cuts and Jobs Act. 
  • Minimize the impact of the TCJA on non-for-profits.
  • Changes for non-for-profits under the TCJA that each non-for-profit should be aware of.

Learning Objectives

  • To recall what is Unrelated Business Income (UBI)
  • Be able to calculate the Business Income Tax
  • To identify what FUBIT (Fake Business Income Tax) is
  • To identify ways of minimizing the impact of FUBIT
  • To identify the other changes affecting UBIT

Who Should Attend?

  • Enrolled Agent
  • Tax Practitioners
  • Bookkeeper
  • CPA - Small Firm
  • CPA - Mid Size Firm
  • Tax Pros
  • Tax Firm
  • Young CPA
  • CPA in Business
  • Entrepreneurial CPA
  • Tax Accountant (Industry)
  • Tax Director (Industry)
  • Tax Managers
  • Tax Preparer

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