Tax Tips for Higher Education

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Coronavirus Resources

Coronavirus Resources

We’ve now got three pieces of Coronvirus relief/stimulus legislation – with (apparently) a fourth on the way. Where can Bible colleges and seminaries turn for information?

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Coronavirus Resources

Coronavirus: Federal Work Study

Marathon Bible College has gone on-line for the remainder of the Spring 2020 term. They have several student employees who receive Federal Work Study funds. Those students are now not working at their FWS jobs.
The MBC Accounting Team called us to ask what needed to be done about the FWS students. Could MBC still pay them even though they’d gone home, were taking classes on-line, and not working at their jobs?

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Coronavirus Resources

Coronavirus Tax Relief

The accounting team at Idaho Theological Seminary called us to ask about coronavirus legislation, rulings, and announcements. “What measures and/or announcements are out there regarding coronavirus tax relief?…”

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Coronavirus Resources

Published Political Activities?

In an election year, institutions should be clear on ensuring that you do not “cross the line” into what the IRS would consider “political activity.” MBC publishes a quarterly alumni magazine in print and electronic formats. Along with photos and articles of interest to graduates of the college, the publication features a “How Are We Doing?” section where alumni send in updates of their lives and careers to be included for others to read. A recent issue included…

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Coronavirus Resources

Schedule K-1 and “Silo-ing”

Some schools will be receiving Schedule K-1’s from partnership investments over the coming weeks and/or months. The “Silo-ing” rules from Section 512(a)(6) come into play – beware. I.R.C. Section 512(a)(6) (the “Silo-ing” provision) has not been repealed – although it should be. This is the epitome of “unfairness” between for-profits and not-for-profit organizations…

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