Exempt Organizations Tax Services

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.

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 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.