Tax Tips for Higher Education
PPP loans have been an oft-utilized opportunity for funding over the past few months. What about the maturity dates for “unforgiven” portions of PPP loans? SITUATION: Idaho Theological Seminary is a private college exempt under Internal Revenue Code section 501(c)(3) and 170(b)(1)(A)(i). Their Accounting Team was meeting with us on a video call to plan for their June 30, 2020 audit. They received their PPP funds on April 20, 2020. We’ve booked the PPP Loan as a Note Payable at fiscal year-end…
One change in the 2019 Form 990 instructions has not received much fanfare – the re-ordering of the people listed at Part VII, Section A.
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.
The Affordable Care Act required workers to have “essential coverage” health insurance. An exemption was “carved out” for Health Care Sharing Ministry (HCSM) memberships. However, the HCSM payments were not included in “medical expenses” under I.R.C. Section 213. Now, proposed regulations are set to change that.
The 2017 TCJA got rid of Net Operation Loss (NOL) carry backs and instituted “silo-ing” of unrelated business activities. The CARES Act re-instituted NOL carry backs for certain situations. How might a 2020 net operating loss be carried back to a year prior to 2018?
For Summer 2020, TBC is running “virtual” basketball camps. They have partnered with churches who will have fewer than ten campers attend at the church site, agree to practice “social distancing,”…