Course Details

Unrelated Business Income Tax

Webinar: ID# 1014014
Recorded CD
About This Course:
The Internal Revenue Service has become more sophisticated and active in the arena of unrelated business income tax. The result of noncompliance can be disastrous in terms of revenue and reputational loss to the organization. The IRS has the ability to assess penalties, sanctions and even revoke the nonprofit status of the organization. State and local regulators have followed the federal lead due to budget constraints and have looked to the not-for-profit sector for alternative revenue sources by disallowing or restricting exemptions such sales and real estate taxes.

This live webinar will provide you with an update on certain key focus areas of the IRS and the implications of the IRS's recently issued Compliance Project Final Report. While the report focused on colleges and universities, the findings will have further reaching impact on all exempt organizations. This webinar will enable you to address some of the old and new issues that currently face the sector in the area of unrelated business income tax, and will explain some of the nuances of what constitutes UBIT and what is mission or exempt revenue. How do organizations' recognize the potential pitfalls or take advantage of new or specifically tax exempted alternative revenue sources?

  • Definition of Unrelated Business Income
    • History
    • Basic Principals
    • Tax Rates, Tax Forms and Organizations Subject to UBIT
  • What Income Is Subject to UBIT?
    • Substantially Related Income
    • Specifically Excluded Income
    • Debt Financed Property
    • Rents From Real Property Based on Net Profit
  • Alternative Revenue Sources and Information
    • Website Activities
    • Acknowledgments or Sponsorship vs. Advertising
    • Digest of Published Rulings
    • Partnership Investments – Review of Form K-1
    • Colleges and Universities Project Final Report
    • Additional Materials and Resources

Joe Giso CPA, MST
  • Managing director at CBIZ Tofias in Boston, Massachusetts
  • Head of CBIZ, Inc. National NFP Tax Technical Community
  • Member of the NFP Tax Group and the firm's Not-for-Profit and Education Practice
  • Former tax director in the Boston office of McGladrey
  • Provides tax consulting services dedicated to improving the accountability and efficiency of tax-exempt organizations and consulting in intermediate sanctions, lobbying, unrelated business income, website reviews, charitable solicitations and foreign reporting requirements
  • Consulted Harvard Management Company, Inc.; Grand Lodge of Masons in Massachusetts; St. Paul's School; Lasell College; Massachusetts Society for the Prevention of Cruelty to Animals; St. Joseph's College of Maine; Pathfinder International; The Home for Little Wanderers; Special Olympics of Massachusetts Inc.; Museum of Fine Arts, Museum of Science, Buckingham, Brown & Nichols School; University of New England; and New England Aquarium Corporation, University of New England
  • Professional affiliations include the American Institute of Certified Public Accountants and the Massachusetts Society of CPAs
  • Certified public accountant
  • M.S.T. degree, Bentley College; B.A. degree in accounting, Suffolk University
Unrelated Business Income Tax
Available on CD format
Course Details
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