2020 Form 990-T Draft: An Overhaul

2020 Form 990-T Draft: An Overhaul

ISSUE For most institutions with fiscal years, your next Form 990-T filing (if applicable) will be on the 2019 form.  Head’s up, the 2020 Form 990-T (draft) is organized differently from what we have seen annually since 1951. SITUATION Denali Christian College (DCC)...
2020 Form 990-T Draft: An Overhaul

The IRS Annual Per Diem Notice

ISSUE Annually, the IRS issued updated amounts and information with respect to per diem rates for employee business expenses under I.R.C. Section 274(d).  The 2020-2021 information has been released in the form of IRS Notice 2020-71. SITUATION Troas Bible College...
2020 Form 990-T Draft: An Overhaul

What Do You Know about the SECURE Act?

ISSUE The “Setting Every Community Up for Retirement Enhancement” Act of 2019 (SECURE Act) was signed into law on December 20, 2019.  Forbes stated of this Act, “it is one of the most dynamic changes to retirement legislation since the Pension Protection Act of 2006,...
2020 Form 990-T Draft: An Overhaul

ITIN Renewals

ISSUE More than 1 million Individual Taxpayer Identification Numbers are set to expire at the end of 2020 as the Internal Revenue Service completes the expiration of ITINs assigned prior to 2013. The IRS continues to urge affected taxpayers to submit their renewal...