Draft of 2018 Form 990-T Released
The IRS released a draft of the 2018 Form 990-T, Exempt Organization Business Income Tax Return, on the treatment of Unrelated Business Income Tax (UBIT). The draft, issued on October 12, 2018 is a preview of how tax-exempt organizations will report unrelated trade or business income and deductions for tax year 2018.
This release comes several months after the 2017 Tax Cuts and Jobs Act added a number of UBIT provisions, including one that requires tax-exempt organizations with more than one unrelated trade or business to calculate UBIT separately for each trade or business.
Stay tuned as we await instructions for the form—our tax experts will continue to update you as we learn more information.
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