The Internal Revenue Service recently published revisions on Publication 598 for tax on unrelated business income of exempt organizations. Publication 598 explains what organizations are subject to the tax, the requirements for the tax return filing, and how to figure out unrelated business income. One revision included an increase to the price of low-cost articles that are eligible for charitable contribution to $10.40. Another revision included the extension for one year for payments either received or accrued before January 1, 2015 of exclusion from unrelated business taxable income for qualifying specified payments under section 512(b)(13)(E).
For other revisions please see Publication 598.
Posted by Aryane Garansi, Associate Editor, Wealth Strategies Journal