Tax Tips for Higher Education
Parking Tax Refunds
With the “Parking Tax” retroactively repealed, how do those institutions who paid this tax over the past few years apply for a refund? And what about institutions who paid penalties for late filing of Form 990-T due to this now-repealed law?
Ministry Business Meetings
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!
Merry Christmas America! Love, Congress
ISSUE The “Parking Tax” (I.R.C. Section 512(a)(7)) is being retroactively repealed this week.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...
Time to Review Your Institution’s Donor-Receipting Procedures
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).
Of IRAs and QCDs and RMDs
Savvy institutions are taking advantage of “IRA Charitable Rollovers.” Your donors over 70 ½ years old may give through their IRA accounts using all or part of their annual required minimum distribution – potentially killing two birds with one stone. With that in mind, it makes sense to familiarize ourselves with IRAs, QCDs, RMDs – ASAP!