The American Society of Association Executives (ASAE), of which ANCOR is a member, has worked with the accounting firm Tate & Tyron to produce an article explaining how non-profits can comply with the Unrelated Business Income (UBI) provisions contained in the tax reform bill passed in December 2017. ANCOR flagged these provisions as problematic for non-profits when opposing the bill last year. ANCOR members might find this article highly instructive as they undertake their own compliance efforts. The article can be accessed here.
As ASAE writes to provide further background: “The provision in the Tax Cuts and Jobs Act, the sweeping overhaul of the tax code signed into law at the end of last year, requires that unrelated business taxable income (UBTI) be separately computed for each business activity, ostensibly to prevent tax-exempt groups from using the loss from one unrelated business activity to offset the income from another unrelated business activity.” Read the full ASAE text announcing the new article here.
ANCOR will share any future relevant ASAE materials on this topic with members as they emerge.
Stay Informed on the Latest Research & Analysis from ANCOR