Coronavirus Resources

Coronavirus Resources

ISSUE We’ve now got three pieces of Coronvirus relief/stimulus legislation – with (apparently) a fourth on the way.  Where can Bible colleges and seminaries turn for information?   SITUATION Troas Bible College (TBC) is a private college exempt under Internal...
Coronavirus Resources

Coronavirus: Federal Work Study

ISSUE We mentioned last week that the U.S. Department of Education has a COVID-19 webpage.  They’ve added a timely FAQ resource.   SITUATION Marathon Bible College (MBC) is a private college exempt under Internal Revenue Code section 501(c)(3) and...
Coronavirus Resources

Coronavirus Tax Relief

ISSUE There is a lot going “viral” these days that we’ve not seen before.  From a tax standpoint, what measures and/or announcements are out there regarding COVID-19?   SITUATION Idaho Theological Seminary (ITS) is a private college exempt under Internal Revenue...
Coronavirus Resources

Published Political Activities?

ISSUE In an election year, institutions should be clear on ensuring that you do not “cross the line” into what the IRS would consider “political activity.”   SITUATION Marathon Bible College (MBC) is a private college exempt under Internal Revenue Code section...
Coronavirus Resources

Schedule K-1 and “Silo-ing”

ISSUE Some schools will be receiving Schedule K-1’s from partnership investments over the coming weeks and/or months.  The “Silo-ing” rules from Section 512(a)(6) come into play – beware.   SITUATION Troas Bible College (TBC) is a private...