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Showing results for tags 'UBTI'.
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Two questions: Are TPAs preparing Form 990-T for the retirement plans of their clients, or are they deferring to the client's CPA? and If a K-1 (1065) has an attachment for Part III, Item 20 (Other Information), letter 'V" (UBTI), does the figure on the attachment reflect the net UBTI or the gross UBTI? Thank you in advance for any assistance!
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It seems that once in the past I heard that an owner of an IRA was not allowed to pay any unrelated business income tax the IRA may owe. The tax must come out of the IRA. I can't seem to find any authorative guidance (however I have found some information by non-traditional IRA custodians on the Internet that says the same thing). Does anyone know why this is, and more importantly, does the same rule apply with respect to a qualified plan? Can a sponsor pay the Unrelated Business Income Tax for their retirement trust. Thanks for any help you can give. Dean Huber
