Tax Tips for Higher Education
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!
With the “Parking Tax” retroactively repealed, how do those institutions who paid this tax over the past few years apply for a refund? And what about institutions who paid penalties for late filing of Form 990-T due to this now-repealed law?
When employees go to a restaurant for a “business meeting”, how should that be handled? How do you document that expense? Is it taxable to those workers? Updating your finance and accounting policies and procedures is a great way to begin the New Year!
ISSUE The “Parking Tax” (I.R.C. Section 512(a)(7)) is being retroactively repealed this week. Thanks to Congress. But just begin to imagine the time, dollars, and brain toil we’ve all wasted – especially the already overburdened IRS – on this insane, ludicrous...
As the end of the calendar year approaches, many institutions have questions about donor receipting. A great place to start in your quest for answers may be IRS Publication 1771, “Charitable Contributions” (Substantiation and Disclosure Requirements).