Tax Tips for Higher Education
Thanksgiving Turkey “Coupons” for Employees
Does the value of a turkey or ham given to employees during the holidays constitute wages subject to income tax withholding? What about a coupon for a turkey or ham?
Form 990 and/or Form 990-T Filings Can Be Extended for Six Months
For Institutions with a June 30 year end, Friday (11/15/19) is the deadline day for filing Form 990-series returns – or extensions. An extension of time to file may be requested by filing Form 8868…
More On Expense Allocations for Dual Use Facilities
A few weeks ago we reported on the IRS’ omission of “Guidance under §512 regarding methods of allocating expenses relating to dual use facilities.” More on that issue from the IRS.
Might You Need to File Form 8282?
We regularly encounter questions regarding the filing of Form 8282, Donee Information Return which is generally required if your institution sells or otherwise disposes of certain donated property within three years of the date the original donee received the property.
IRS 2020 TE/GE Program Letter
Each year, the IRS Tax Exempt & Governmental Entities (which includes Exempt Organizations) issues its Fiscal Year Tax Exempt & Government Entities Program Letter. This year’s letter is very positive, but heavy on compliance goals.