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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.
If you deal with non-for-profits, you need to be aware of these changes or you could face IRS tax assessments and penalties. Most of these changes are very nuanced and many non-for-profits are not even aware of them, so it is very important to get on top of these.
Nicholas has worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nicholas has authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. Nicholas has been recognized as the Top 5 Under 35 CPAs in Virginia, and is a member of the VSCPA’s Tax Advisory Committee and the AICPA’s Tax Practice and Responsibilities Committee. Nicholas is an adjunct professor with the University of Mary Washington. He is a graduate of Carthage College, University of Connecticut (M.S. in Accounting), Case Western Reserve University School of Law (J.D.), and Georgetown University (LLM in Taxation).
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MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.
MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary
MY-CPE LLC has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.