Qualified Tuition Reductions

Qualified Tuition Reductions

ISSUE: A qualified tuition reduction “program” must meet certain criteria in order to pass IRS muster.   SITUATION: Troas Bible College (TBC) is a private college exempt under Internal Revenue Code section 501(c)(3) and section 170(b)(1)(A)(ii).  TBC has a written...
Accounting Period Change

Accounting Period Change

ISSUE: How does an organization that does not file a Form 990-series return inform the IRS of a change in accounting period?   SITUATION: Idaho Bible College & Seminary (IBCS) is a private college exempt under Internal Revenue Code section 501(c)(3) and section...
The Volunteer Labor Exclusion

The Volunteer Labor Exclusion

ISSUE: Any business activity in which substantially all the work is performed for the organization by volunteers – without compensation – is not an unrelated trade or business.   SITUATION: Troas Bible College (TBC) is a private college exempt under...