File and Report UBI cont'd

4. How to Get an Extension of Time to File
File Form 8868, Application for Extension of Time to File Exempt Organization Return, for an automatic six-month extension of time to file Form 990-T.

5. Interest and Penalties
Late returns or failure to pay tax when due can result in interest and penalty charges. Generally, you are not required to include the interest and penalty charges on Form 990-T.

6. How to Calculate Tax Installments
Generally, if you are filing Form 990-T you must make installment payments of estimated tax if you expect your estimated tax (tax minus allowable credits) to be $500 or more.

Both corporations and trusts use Form 990-W, Estimated Tax on Unrelated Business Taxable Income for Tax-Exempt Organizations.

More detailed information on filing and reporting procedures for UBI is available in the Instructions to Form 990-T.