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Update on UBTI SILO Rule and IRS Form 990-T Electronic Filing | McGuireWoods LLP


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For nonprofit organizations that report on a calendar-year basis, the May 17, 2021, deadline to file Form 990 and Form 990-T electronically is quickly approaching. Nonprofits should take time to review the recently released revised Form 990-T and its accompanying instructions before preparing and electronically filing their 2020 returns.
Additionally, nonprofits should consider the final regulations issued in November 2020 under Internal Revenue Code section 512(a)(6) regarding the unrelated business income tax imposed on exempt organizations with more than one unrelated trade or business. These final rules addressed many concerns raised about the 2017 Tax Act changes, IRS Notice 2018-67 and the proposed regulations. Because Form 990-T and its accompanying revised Schedule A include significant changes to reflect these new rules, nonprofit organizations may also need to make changes to their internal record-keepi ....

Organization Business Income Tax , Us Corporation , Liability Companies , Department Of The Treasury , Internal Revenue Code , Unrelated Trade , Business Taxable , Exempt Organization Business Income Tax , Taxpayer First Act , North American Industry Classification System , ஆர்கநைஸேஶந் வணிக வருமானம் வரி , கள் நிறுவனம் , பொறுப்பு நிறுவனங்கள் , துறை ஆஃப் தி கருவூலம் , உள் வருவாய் குறியீடு , விலக்கு ஆர்கநைஸேஶந் வணிக வருமானம் வரி , வரி செலுத்துவோர் முதல் நாடகம் , வடக்கு அமெரிக்கன் தொழில் வகைப்பாடு அமைப்பு ,