by Dave Moja | Jun 16, 2020 | Tax Tips |
ISSUE The Affordable Care Act required workers to have “essential coverage” health insurance. An exemption was “carved out” for Health Care Sharing Ministry (HCSM) memberships. However, the HCSM payments were not included in “medical expenses” under I.R.C. Section...
by Dave Moja | Jun 10, 2020 | Tax Tips |
ISSUE The 2017 TCJA got rid of Net Operation Loss (NOL) carry backs and instituted “silo-ing” of unrelated business activities. The CARES Act re-instituted NOL carry backs for certain situations. How might a 2020 net operating loss be carried back to a year prior to...
by Dave Moja | Jun 3, 2020 | Tax Tips |
ISSUE On this 5th Anniversary of “Tax Tips,” let’s look back to our beginnings – with a COVID-19 twist – and Summer Camp activities. SITUATION Troas Bible College (TBC) is a private college exempt under Internal Revenue Code section 501(c)(3) and...
by Dave Moja | May 28, 2020 | Tax Tips |
ISSUE We continue to receive guidance from the SBA and Treasury Department meant to clarify Paycheck Protection Program (PPP) Loan Forgiveness. Let’s look at the FTE information. SITUATION Marathon Bible College (MBC) is a private college exempt under Internal...
by Dave Moja | May 20, 2020 | Tax Tips |
ISSUE Guidance for charting/tracking payroll costs for Paycheck Protection Program (PPP) Loan Forgiveness has been issued in the instructions for the Small Business Administration’s (SBA) PPP Loan Forgiveness Application. SITUATION Idaho Theological Seminary (ITS) is...
