Tax Tips for Higher Education

Subscribe to Tax Tips



Archives

Multi-Factor Authentication

Multi-Factor Authentication

Let’s look closer at one of the safeguards that the IRS and “Security Summit” noted in their reports.  Part 2 of the Security Summit Tips for Tax Professionals is entitled, “Use Multi-Factor Authentication to Protect Accounts.”

read more
Multi-Factor Authentication

Cybersecurity Update

ISSUE: Cybersecurity should be a priority for your institution. The Department of Education has specific requirements under the Gramm-Leach-Bliley Act. The IRS is in the process of releasing a five-part report on cyber protection when working remotely. SITUATION: Marathon Bible College (MBC) is a private college exempt under Internal Revenue Code section 501(c)(3) and 170(b)(1)(A)(ii). As we work with them on their June 30, 2020 audit, cybersecurity risks dominated part of our assessment. MBC has appointed a “Cybersecurity Point Person”, they have received training, and the college completed a risk assessment…

read more
Multi-Factor Authentication

IRS: Dirty Dozen Tax Scams

Each year, the IRS releases a list of tax scams to be especially wary of. Many times, these scams target the elderly and/or disadvantaged. The Service generally focuses on schemes that attempt to steal money and information from taxpayers. In 2020, we should be alert to potential fake emails, telephone calls, or websites using keywords such as “coronavirus,” “COVID-19,” and “stimulus” in various ways in attempts to steal personal information. The IRS always reiterates that it will never initiate contact with taxpayers via email or telephone about a tax bill, refund, etc.

read more
Multi-Factor Authentication

Spending HEERF Payments

ED has issued new guidance on how long institutions have to spend their Higher Education Emergency Relief Fund (HEERF) payments…There are basically three CARES Act subsections (18004(a)(1), (a)(2), and (a)(3)) that result in four “flavors” of HEERF funds…

read more