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...
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: Qualified Parking as UBIT, Part 3...
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...
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). ...