When you are mission-focused, tax-exempt status is mission critical. But tax requirements are nuanced and complex — especially as regulations focus on increasingly greater transparency. CohnReznick is a not-for-profit tax expert. We not only help your organization fully comply with federal requirements, but guide you in minimizing and managing your tax liabilities, providing integrated, strategic insight to keep your organization moving forward.
IRS FORM 990 and ASC 740, 740-10 (FIN 48)
Accurate filing of IRS Form 990 and compliance with financial rule ASC 740 and ASC 740-10 is central to maintaining your status as a not-for-profit. These rules are part of the provisions on calculating current and deferred income tax now required of all organizations adhering to U.S. GAAP standards. CohnReznick has in-depth understanding of the rules and requirements, and will apply best practices to support all of your not-for-profit tax filings.
UNRELATED BUSINESS INCOME TAX (UBIT) (Form 990-T)
Generating income from an activity unrelated to your not-for-profit’s tax-exempt purpose, such as rent, interest, or royalties from financed property, may subject your organization to the Unrelated Business Income Tax (UBIT). Our team can aid you in calculating and reporting UBIT income, and can also work with you to shift your organizational focus to minimize it.
ALTERNATIVE INVESTMENT REPORTING AND K1s
Alternative investments may trigger UBIT liabilities. CohnReznick can work with you to determine any potential issues, and can also help you carefully structure your K1 to accurately report investment income and its sources.
Tax-Exempt Groups Face New IRS E-Filing Rules Under TFA
On-Demand Webinar: The Wayfair Decision & The Impact on Not-for-Profits
Tax Cuts and Jobs Act - Tax-Exempt Organizations
Tax Reform Resource Center:
A collection of insights on the impact of the Tax Cuts and Jobs Act