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Parking Fringe Benefits and Unrelated Business Income

The IRS has provided guidance and examples for calculating the nondeductible portion of parking expenses. In addition, the IRS has provided guidance to tax-exempt organizations to help such organizations determine how unrelated business taxable income (UBTI) will be increased by the nondeductible amount of such fringe benefit expenses paid or incurred. The IRS also has […]

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Unrelated Business Income Tax (UBIT)

Generally, organizations exempt from income tax under section 501(a) of the tax code do not pay federal income tax on their excess support and revenue over expenses (e.g. profits). However, Internal Revenue Code (IRC) Section 511 does impose a tax on the revenue generating activities of the otherwise exempt entity that are unrelated to their […]

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