Tax Tips for Higher Education

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The IRS Begins Using QR Codes

Form 1099-NEC

Have you heard?  For 2020, you will not use Form 1099-MISC for fees paid to independent/outside contractors for services as we’ve done in the past.  There is a new Form 1099-NEC, Nonemployee Compensation.

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The IRS Begins Using QR Codes

IRS: Navigating the Charities and Nonprofits Website

ISSUE: Where can your institution go for training on not-for-profit or exempt organization issues? The web provides many excellent options. SITUATION: Marathon Bible College (MBC) is a private college exempt under Internal Revenue Code section 501(c)(3) and 170(b)(1)(A)(ii). The Accounting Team at MBC calls us with a simple question. “We’ve got new volunteer board members who want to know more about 501(c)(3) organizations. Where should we aim them to start?”

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The IRS Begins Using QR Codes

2020 Form 990-T Draft: An Overhaul

For most institutions with fiscal years, your next Form 990-T filing (if applicable) will be on the 2019 form. Head’s up, the 2020 Form 990-T (draft) is organized differently from what we have seen annually since 1951.

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