Qualified Parking as UBIT, Part 5

Qualified Parking as UBIT, Part 5

ISSUE New Internal Revenue Code Section 512(a)(7) is causing quite an outcry, but might it be much ado about nothing?     SITUATION Idaho Bible College and Seminary (IBCS) is a private college exempt under Internal Revenue Code section 501(c)(3) and 170(b)(1)(A)(i). ...
Qualified Parking as UBIT, Part 4

Qualified Parking as UBIT, Part 4

ISSUE New Internal Revenue Code Section 512(a)(7) is causing quite an outcry, let’s review some possible “UBIT Parking Trigonometry” this week. **If you would like to check out “Qualified Parking as UBIT, Part 3” please go to:...
Fundraising Banquets

Fundraising Banquets

ISSUE Be careful with your donor receipting with respect to charity benefit events such as banquets, dinners, galas, etc.   SITUATION Troas Bible College (TBC) is a private college exempt under Internal Revenue Code section 501(c)(3) and 170(b)(1)(A)(ii).  They are...
Form 1098-T Update

Form 1098-T Update

ISSUE The 2015 PATH Act mandated changes to Form 1098-T reporting.  Those “Box 1 only” changes take effect in 2018.   SITUATION Idaho Bible College and Seminary (IBCS) is a private college exempt under Internal Revenue Code section 501(c)(3) and 170(b)(1)(A)(i).  They...