Exempt Tax FIN48 Review

Move forward with confidence by evaluating your activity compared to your exempt status.

We know exempt organizations

It takes time and resources to keep up with the legislative changes and the scope of your activities’ impact on your exemption. A FIN48 review provides exempt organizations a thorough review of organizational activities through the lens of your IRS exempt designation.

FIN48 reviews help identify:

  • Over/understated unrelated business income (UBI) activity
  • Prohibited activity, private inurement, and intermediate sanction activities
  • Inadequate or missed disclosures
  • Multi-entity structure enhancement or restructuring options.
  • Lapsed or conflicting corporate policy issues
  • State and local tax issues from UBI, sales tax, and property tax
  • Assist in evaluating tax impact of prospection transactions of new business activities.

Experience our client-focused approach

A FIN48 review provides a better understanding of your business operations, which can help bring additional clarity and accuracy to reporting requirements. It also provides insight into your internal procedures, controls, and systems, so we can give recommendations on operational excellence and compliance.


  • Identify tax exposure areas and incorporate exposure liability estimates
  • Clear documentation on exempt tax positions that can be used to evaluate constraints on existing activity as well as strategically plan
  • Optional UBI training tailored to your personnel, industry, and exempt activities

FIN48 review process

  • Management meeting to understand your organization’s activities and operations
  • Review investments, activities generating revenue, and activities using significant organization resources and existing corporate structure.
  • Policy and recommended practice review
  • Integrated approach to reduce duplicate requests
  • Written FIN48 memo summarizing facts and findings

Project fees

  • Project and related fees are designed on a Phased approach; Phase I – Identification of Issues and Opportunities, Phase II – Quantification of Issues and Opportunities, Phase III – Tax Planning. All Fees are based on time involved, will not exceed limits set based on scale of review.
  • Project can be designed as an integral part of CLA’s Audited Financial Statement process.

Experience the CLA Promise