Tax Tips for Higher Education

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Form 990 eFiling is a Good Idea (The IRS Says So!)

Form 990 eFiling is a Good Idea (The IRS Says So!)

So far, Congress has not mandated eFiling for Form 990 returns. It continues to be talked about and recommended. Your institution should consider eFiling as there are advantages. SITUATION: Saltwater Christian College (SCC) is a private college exempt under Internal Revenue Code section 501(c)(3) and 170(b)(1)(A)(ii). They are required to file Form 990 annually. SCC calls to say that they were wondering why we eFiled their Form 990 each year…

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The “Parking Tax” – Circa April 2019

The “Parking Tax” – Circa April 2019

At this point, if your institution has any parking spots that are reserved for employees, you will have an “increase in UBTI under § 512(a)(7)” and likely be required to file Form 990-T and pay some tax – even if you do not have any unrelated business activities.

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