eCourse
UBIT: Advanced Issues, Risk Management and Preparedness in the Wake of Tax Reform
Contains material from Jun 2018
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Session 2: UBIT Work Papers - Getting Forms Together, Risk Management and Audit Preparedness - Overview and discussion of two institutions’ approaches on preparing the 990-T for filing, CFO review and potential IRS audit. A demonstration of workpapers used in preparation of the return, including summary documents used to prepare your CFO for the 990-T.
Includes: Audio Paper Slides
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Laura Kalick, Amy Goodreau Williams, Kyle R. ZumBerge
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Session 1
—60 mins
Advanced UBIT in the Wake of Tax Reform (Jun 2018)
Review how the recent tax legislation impacts the unrelated business income (UBI) of colleges and universities. The new law provides for “silo-ing” of unrelated activities so that losses from one activity cannot offset income from another activity. Also, the law requires an institution to include an amount in unrelated business income associated with certain fringe benefits. How expenses are allocated will be important with the new rules as will the use of net operating losses generated in prior years. Hear about the latest positions of the IRS and Treasury and some planning ideas.
Originally presented: Jun 2018 Higher Education Taxation Institute
Laura Kalick,
BDO USA, LLP - Washington, DC
Amy Goodreau Williams,
Duke University - Durham, NC
Kyle R. ZumBerge,
The University of Texas System Office of General Counsel - Austin, TX
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Jodi R. Kessler, Joel Levenson
Session 2
—59 mins
UBIT Work Papers - Getting Forms Together, Risk Management and Audit Preparedness (Jun 2018)
Overview and discussion of two institutions’ approaches on preparing the 990-T for filing, CFO review and potential IRS audit. See a demonstration of workpapers used in preparation of the return, including summary documents used to prepare your CFO for the 990-T.
Originally presented: Jun 2018 Higher Education Taxation Institute
Jodi R. Kessler,
Massachusetts Institute of Technology - Cambridge, MA
Joel Levenson,
University of Central Florida - Orlando, FL