HEERF II: Students Enrolled Exclusively in Distance Education

Opening a Thrift Store?

ISSUE: As Bible Colleges and Seminaries contemplate alternative sources of revenue in these fast-changing times, could a “thrift store” that operates as a ministry and a money-maker be a viable option?   SITUATION: Marathon Bible College (MBC) is a private...
HEERF II: Students Enrolled Exclusively in Distance Education

100% Deduction for Food and Beverages

ISSUE: Although it will not affect most not-for-profit institutions – unless you have UBIT deductions – the Taxpayer Certainty and Disaster Tax Relief Act of 2020 added a temporary exception to the 50% limit on the amount that businesses may deduct for food or...
HEERF II: Students Enrolled Exclusively in Distance Education

Updated: Form 1098-T and “Student Grants”

ISSUE: In December 2020, the IRS issued guidance that CARES Act “student grants” from Higher Education Emergency Relief Fund (HEERF I) would not be reported on the 2020 Form 1098-T.  Now, the IRS has issued updated guidance on whether higher education institutions...