| Over the past few months, it seems the world has been turned upside down, and private clubs have not been immune to the turmoil. Across the country there are empty clubhouses, locker rooms, pro shops, and dining facilities. Much of the focus lately has been on loan programs (who qualifies and who doesn't), new credits, and other forms of stimulus that might help clubs retain employees and pull through the COVID-19 pandemic. In the flurry of that activity, the Treasury and IRS released proposed regulations (REG-106864-18) under section 512(a)(6), which provide long-awaited guidance on computing unrelated business taxable income (UBTI) that likely will impact most tax-exempt private clubs. REGISTER |
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