Form 1098-T Penalties – Still?

Form 1098-T Penalties – Still?

ISSUE With all the hubbub over “Box 1 only” filing for Form 1098-T, don’t forget about the rules about your procedures for obtaining TIN’s from your students – and reporting or showing reasonable cause for not reporting.   SITUATION Troas Bible College (TBC) is a...
Tax Reform: How Do We Handle Investments?

Tax Reform: How Do We Handle Investments?

ISSUE The new Internal Revenue Code Section 512(a)(6) requires “silo-ing” of unrelated business activities.  For those institutions that receive K-1’s from partnerships, how will the silo-ing work? SITUATION Denali Christian College (DCC) is a private college exempt...
Looking to the Future?  Might this Work?

Looking to the Future? Might this Work?

ISSUE The Parking and UBIT issue continues to be at the forefront of many of our minds.  Maybe it’s time we start looking at potential streamlined solutions.   SITUATION Idaho Bible College and Seminary (IBCS) is a private college exempt under Internal Revenue Code...
Parking and UBIT: Where We Are Today

Parking and UBIT: Where We Are Today

ISSUE It appears that the IRS may be close to providing guidance on the “pay taxes on your costs of employee parking” provision in I.R.C. Section 512(a)(7) – and it may include penalty relief.   SITUATION Marathon Bible College (MBC) is a private college...