Form 990-T

Form 990-T

A form that a tax exempt organization files with the IRS to report its unrelated business income and to figure the tax owed on that income.
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The new guidance includes a one-page form (Form 8941--Credit for Small Employer Health Insurance Premiums), along with instructions to Form 8941, and a newly revised Form 990-T.
In addition, Form 990-T for unrelated business income is now public record.
Proposals for disclosure of Form 990-T were initially introduced by the staff of the Senate Finance Committee, supported by the Joint Committee on Taxation and passed by the Senate.
The unit will check the consistency of information on an organization's Form 990 with its filings of Form 990-T, the form for unrelated business income reporting.
Careful preparation of Form 990-T and review of UBI practices are crucial steps in preparing for the possibility that the IRS could contact your organization regarding UBI.
Business fliers should attach Form 8913 to their regular 2006 income tax returns; exempt organizations must attach it to Form 990-T, Exempt Organization Business Income Tax Return.
E-filing is not available for amended returns, final returns or Form 990-T, Exempt Organization Business Income Tax Return.
The organization's three most recent annual information returns (forms 990, 990-EZ, 990-BL or form 1065, but not form 990-T or form 1120-POL) including all schedules and attachments filed with the IRS, but not including those parts of the returns that give the names and addresses of contributors.
An exempt organization reports UBTI on Form 990-T, Exempt Organization Business Income Tax Return.
Form 990-T, Exempt Organization Business Income Tax Return, which is used to report and pay taxes on income from activities that do not qualify for exemption, is not open to public inspection.
Observation: The IRS explained that the 1991 instructions for form 1120S and form 990-T were printed before the law change and erroneously indicate a 90% rate for 1992 quarterly estimates rather than the knew 93% threshold.
The income from these parties is reported as unrelated business income on Form 990-T, Exempt Organization Business Income Tax Return (and proxy tax under section 6033(e)).