Tax Tips for Higher Education

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Are Athletics Related to Your Exempt Purpose?

Are Athletics Related to Your Exempt Purpose?

Hosting a special sports tournament can raise interest and funds – but what might be the unrelated business income ramifications? SITUATION: Troas Bible College (TBC) is a private college exempt under IRS section 501(c)(3) and 170(b)(1)(A)(ii).  TBC’s Management Team is in the final throes of planning their first annual Thanksgiving Women’s Basketball Tournament… 

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It’s “Gift Week!”

It’s “Gift Week!”

Most business gifts are tax deductible. But if we are not diligent and careful, contribution receipting, gift acceptance, donor gifts, etc. can be at least as dangerous as swimming through shark infested waters.

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Pending Repeal Legislation?

Pending Repeal Legislation?

Congress keeps stumbling around in vain attempts to “help undo the harm the 2017 tax law is causing nonprofits.” Bills continue to be introduced to repeal the “Parking Tax,” silo-ing, and other foibles. In working with the accounting team at MBC on their audit and Form 990 prep lists, they asked about where Congress was on potentially repealing the “Parking Tax” and fixing other broken areas of the new tax law…

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