by Dave Moja | Apr 21, 2021 | Tax Tips |
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...
by Dave Moja | Apr 15, 2021 | Tax Tips |
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...
by Dave Moja | Apr 7, 2021 | Tax Tips |
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...
by Dave Moja | Mar 31, 2021 | Tax Tips |
ISSUE: The Taxpayer First Act contains a provision which requires certain exempt organizations to file information and tax returns electronically for tax years beginning after 7/1/19 – this includes Form 990-T, Exempt Organization Business Income Tax Return. For...
by Dave Moja | Mar 24, 2021 | Tax Tips |
ISSUE: On March 19, 2021 the Department of Education (ED) issued several sets of HEERF guidance including “Higher Education Emergency Relief Fund (HEERF I, II, and III) Lost Revenue Frequently Asked Questions.” FAQs #3 and #4 seem to unearth an unsettling issue that...
