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Form 990-T Update

Sikich

Oct 23 2018

1 min read

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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Sikich

Sikich is a global company specializing in technology-enabled professional services. With more than 1,900 employees, Sikich draws on a diverse portfolio of technology solutions to deliver transformative digital strategies and is comprised of one of the largest CPA firms in the United States. From corporations and not-for-profits to state and local governments and federal agencies, Sikich clients utilize a broad spectrum of services* and products to help them improve performance and achieve long-term, strategic goals. *Securities offered through Sikich Corporate Finance LLC, member FINRA/SIPC. Investment advisory services offered through Sikich Financial, an SEC Registered Investment Advisor. 