As a result of the US Tax Cuts and Jobs Act 2017, tax-exempt organizations are no longer able to aggregate gross income from multiple unrelated trades or businesses for the purposes of calculating their unrelated business taxable income. Thus, exempt taxpayers may now be at risk of costly consequences of unintentionally engaging in an unrelated trade or business.
With no statutory definition of the term ‘trade or business’ and no further guidance from Congress or the IRS, exempt taxpayers may be left wondering: when does a particular activity constitute a separate trade or business?
This webinar will cover:
- The current state of the unrelated business income tax and Section 512(a)(6) of the Internal Revenue Code
- Important implications of the Tax Cuts and Jobs Act for tax-exempt taxpayers
- How machine learning can reduce uncertainty in tax positions in this area