Tax Tips for Higher Education

Standard Mileage Rates for 2019

Standard Mileage Rates for 2019

The IRS has released 2019 “standard mileage rates.” The business rate has increased, as has the “Medical and Moving” rate – but remember, the deductibility/non-taxability of “moving expenses” is currently suspended until 2026. And, the charitable mileage rate remains at 14 cents per mile.

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The “Parking Tax” May be Eliminated for Your Institution

The “Parking Tax” May be Eliminated for Your Institution

Until March 31, 2019, taxpayers that have reserved employee spots as defined in this notice may change their parking arrangements (changing signage, access, etc.) to decrease or eliminate their reserved employee spots and treat those parking spots as not reserved employee spots for purposes of this notice retroactively to January 1, 2018.

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Guidance Released on “Parking Tax”

Guidance Released on “Parking Tax”

ISSUE: As Congress continues to talk repeal, IRS and Treasury release interim guidance on I.R.C. Section 512(a)(7). How will this guidance affect Bible Colleges and Seminaries? SITUATION: Denali Christian College (DCC) 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 new “Parking Tax” (Section 512(a)(7)) guidance in Notice 2018-99 features:

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