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...
Update on Suspended Moving Expenses

Update on Suspended Moving Expenses

ISSUE Tax reform – the 2017 “TCJA” – rendered moving expenses nondeductible and employee reimbursements of moving expenses taxable after 12/31/17.  Now, the IRS has clarified the treatment of 2017 moving expenses paid in 2018.   SITUATION Troas Bible College (TBC) is...
Hurricane Relief – 2018

Hurricane Relief – 2018

ISSUE Our prayers go out to victims of Hurricane Florence.  As we pray for them and consider funding relief efforts, the IRS warns of possible charitable scams.   SITUATION Saltwater Christian College (SCC) is a private college exempt under Internal Revenue Code...
Form 990: Net Assets and ASU 2016-14

Form 990: Net Assets and ASU 2016-14

ISSUE The IRS appears unable to update the 2018 Form 990 to accommodate recent changes to the classifications of net assets.  How shall we then report?   SITUATION Marathon Bible College (MBC) is a private college exempt under Internal Revenue Code section 501(c)(3)...