NOT1943. Tax Reform Fun With Dick and Jane

Field of Study: 
CPE Credit: 
Knowledge Level: 
Advanced Preparation: 
Basic knowledge of not-for-profit operations, auditing, accounting and/or compliance requirements. General experience working in, or auditing, not-for-profits, including those NFPs audited under GAGAS.

Tuesday, June 11, 2019
3:15PM- 4:30 PM

Tax reform resulted in compliance changes and challenges for many not-for-profit organizations. Some organizations are filing the Form 990-T for the first time ever, to report unrelated business income resulting from employee benefit expenses; other organizations are no longer able to net income and losses from different ancillary business activities associated with operating their exempt activities but generate net UBTI; and still others will be filing a Form 4720 paying an excise tax on endowment income or excess executive compensation or parachute payments. So, it is back to the Primer for the Tax Accountants like Dick and Jane to re-learn how to calculate unrelated business income and the new excise taxes. This session will provide an update on the Form 990-T, new Schedule M; Form 4720, new Schedules N and O; compliance issues related to tax reform - what's left, what was repealed, guidance (or lack thereof) exempt organizations face in the post-TCJA era.

Learning Objectives:

  • Understand the TCJA impact on unrelated business income tax reporting
  • Identify when qualified transportation benefits trigger additional unrelated taxable income for tax-exempt employers and how to report the income
  • Evaluate how the IRS guidance (notices and proposed regulations, where applicable) impact current compliance requirements


Partner | Gelman, Rosenberg & Freedman
CPA, M.S. Taxation
Shareholder | Clark Nuber PS