Associations Seek to Navigate UBIT and Virtual Trade Shows

Associations forced to transition in-person trade shows to virtual events as a result of the ongoing COVID-19 pandemic are carefully consulting existing guidance from the Internal Revenue Service (IRS) regarding virtual exhibit revenue and unrelated business income tax (UBIT). Longstanding congressional statute holds that revenue from traditional trade shows is exempt from UBIT if certain… Read more »

White House Studying Rules for UBIT Siloing

The Trump administration is close to finalizing guidance on the unrelated business income “siloing” provision enacted as part of the 2017 tax law. According to Bloomberg BNA (subscription required), the White House review office has been studying the IRS proposed rules issued in 2018, signaling that final guidance could be released soon. The change in… Read more »

IRS Issues Guidance on UBIT Refunds

The Internal Revenue Service (IRS) this week issued guidance for tax-exempt organizations on how they can claim refunds for taxes paid on parking and transportation benefits they provide to employees. The 2017 tax law required associations and other nonprofit groups to pay a 21% unrelated business income tax (UBIT) on the value of these employee… Read more »

IRS Asked to Issue Guidance on UBIT Refunds

Ways and Means Democrats this week called on the Internal Revenue Service (IRS) to issue guidance for tax-exempt organizations on how they can claim refunds for taxes paid on parking and transportation benefits they provide to employees. The 2017 tax law required associations and other nonprofit groups to pay a 21% unrelated business income tax… Read more »

House Passes Repeal of Nonprofit Employee Benefits Tax

The House passed a year-end bipartisan spending and tax package Dec. 17 that includes a provision to repeal the 21% unrelated business income tax (UBIT) on transportation fringe benefits levied on nonprofit organizations. The Senate will vote on the bill this week and President Trump is expected to sign it to avert a partial government… Read more »