Fundraising Banquets

Fundraising Banquets

ISSUE Be careful with your donor receipting with respect to charity benefit events such as banquets, dinners, galas, etc.   SITUATION Troas Bible College (TBC) is a private college exempt under Internal Revenue Code section 501(c)(3) and 170(b)(1)(A)(ii).  They are...
Form 1098-T Update

Form 1098-T Update

ISSUE The 2015 PATH Act mandated changes to Form 1098-T reporting.  Those “Box 1 only” changes take effect in 2018.   SITUATION Idaho Bible College and Seminary (IBCS) is a private college exempt under Internal Revenue Code section 501(c)(3) and 170(b)(1)(A)(i).  They...
Qualified Parking as UBIT, Part 2

Qualified Parking as UBIT, Part 2

ISSUE New Internal Revenue Code Section 512(a)(7) which creates UBIT for “qualified transportation fringes,” may affect far more institutions than first suspected.   SITUATION Marathon Bible College (MBC) is a private college exempt under Internal Revenue Code section...
Qualified Parking as UBIT, Part 1

Qualified Parking as UBIT, Part 1

ISSUE New Internal Revenue Code Section 512(a)(7) may force your institution to file Form 990-T and pay unexpected taxes – ouch.   SITUATION Saltwater Christian College (SCC) is a private college exempt under Internal Revenue Code section 501(c)(3) and...