How to compute unrelated business taxable income for separate businesses
IRS regulations discuss how an exempt organization calculates unrelated business taxable income if it has more than one unrelated trade or business.
Tax-Exempt Organizations
Final rules on exempt organization excess remuneration
The IRS issued final regulations on the excise tax on excess remuneration over $1 million paid by tax-exempt organizations, finalizing proposed regulations with a few changes in response to comments.
Sec. 403(b) retirement plans: A comparison with 401(k) plans
Tax-exempt Sec. 501(c)(3) charities, public schools, and certain other entities can generally adopt either Sec. 403(b) or Sec. 401(k) retirement plans. While the rules applying to these plans are often substantially the same, there are many significant differences.
Taxpayer not a shareholder of not-for-profit corporation
The president and a director of a not-for-profit is not its beneficial owner and cannot be a shareholder of it.
Final regs. govern computation of UBTI for separate businesses
The IRS has posted final regulations governing how tax-exempt organizations determine if they have more than one unrelated trade or business for purposes of unrelated business income tax.
Qualified transportation fringe disallowance
The article discusses the June 2020 proposed regulations and how they compare to the prior guidance in Notice 2018-99.
Disallowed transportation fringe benefit rules proposed
The IRS issued proposed regulations implementing changes to Sec. 274 that disallow a deduction for the expense of any Sec. 132(f) qualified transportation fringe provided to an employee, effective for amounts paid or incurred after Dec. 31, 2017.
Final rules for returns by tax-exempt organizations
The IRS finalized regulations permitting tax-exempt organizations other than Sec. 501(c)(3) orgs. to omit the names of substantial donors when filing Forms 990.
UBTI silo rule regs. are issued in proposed form
The IRS issued proposed regulations on how to identify separate trades or businesses to determine a tax-exempt organization’s unrelated business taxable income under new rules that require different trades or businesses to be reported separately or siloed.
Proposed regs. explain disallowed transportation fringe benefits
The IRS issued proposed regulations implementing changes to Sec. 274 that disallow a deduction for the expense of any Sec. 132(f) qualified transportation fringe provided to an employee, effective for amounts paid or incurred after Dec. 31, 2017.
Final regs. address reporting by tax-exempt organizations
The IRS finalized regulations permitting tax-exempt organizations other than Sec. 501(c)(3) orgs. to omit the names of substantial donors when filing Forms 990, Return of Organization Exempt From Income Tax.
Prop. regs. would govern silo rules for exempt organizations
The IRS issued proposed regulations on how to identify separate trades or businesses to determine a tax-exempt organization’s unrelated business taxable income under new rules that require different trades or businesses to be reported separately or siloed.
Form 1023 must now be filed electronically
The IRS announced that Form 1023, Application for Recognition of Exemption Under Section 501(c)(3), must now be submitted electronically.
Electronic filing mandated for Sec. 501(c)(3) applications
The IRS announced that Form 1023, Application for Recognition of Exemption Under Section 501(c)(3), must now be submitted electronically.
Prop. regs. address donor reporting and other matters
The proposed regulations are intended to more accurately and comprehensively reflect current reporting requirements applicable to exempt organizations.
Tax-exempt trusts: New guidance on Sec. 199A deduction
The IRS posted informal guidance on its website to explain how trusts that file Form 990-T and have unrelated business income can claim the deduction.
Donor reporting changes violate the Administrative Procedure Act
A district court invalidates the IRS’s donor reporting rule changes.
Wayfair’s impact on not-for-profit purchases and revenues
Not-for-profits that sell goods or services may find themselves needing to register for sales tax accounts in other states to remain in compliance.
Proposed regs. clarify reporting requirements for tax-exempt organizations
The rulemaking mainly consolidates existing guidance in one location, but it also responds to a recent court decision that held invalid certain changes to donor-reporting requirements.
Federal court rejects change to substantial-donor reporting requirement
If the IRS wishes to no longer require tax-exempt organizations to report information about their substantial financial donors, it must follow a proper notice-and-comment process.
