Tax Tips for Higher Education

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Changes to Form 990, Circa 2019

Changes to Form 990, Circa 2019

There are very few changes to the 2019 Form 990, “Return of Organization Exempt From Income Tax.” However, the IRS beat their several years to change estimate and updated Part X for Lines 27 and 28. See changes for “Net assets with/without donor restrictions” and more.

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Changes to Form 990, Circa 2019

Should We Support H.R. 4849?

Internal Revenue Code Section 127 provides for “employer education assistance programs.” A new bill in the House of Representatives would increase the long-standing $5,250 per employee annual limit. But wait… I have a question.

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Changes to Form 990, Circa 2019

Amending Form 990-T for “Parking Tax” Refunds

We are still celebrating the retroactive repeal of the “Parking Tax.” Last week the IRS published instructions for filing amended Form 990-Ts for the years where refunds are now due. Congress had asked the IRS to “establish an expedited process.” This fell far short of that.

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Changes to Form 990, Circa 2019

Form 1098-T, Head’s Up!

Schools that are “eligible educational institutions” must file Form 1098-T by fast approaching due dates. In addition, with the “deletion” of Box 2 (Amounts billed) beginning with the 2018 form, there remains much confusion with regard to this form. Watch out for penalties for late filing!

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Changes to Form 990, Circa 2019

Parking Tax Refunds

With the “Parking Tax” retroactively repealed, how do those institutions who paid this tax over the past few years apply for a refund? And what about institutions who paid penalties for late filing of Form 990-T due to this now-repealed law?

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