Tax Tips for Higher Education
How Do We Inform the IRS of a Name Change?
Exempt organizations are required to inform the IRS when they change their name. There are several ways in which an institution can do this. The “prescribed” method is on the next Form 990 you file. But, what if you are not required to file Form 990?
Revenue Enhancement Opportunities
Issue: All Bible Colleges and Seminaries should be considering how they might leverage their God-given gifts, skills, knowledge, and experience to create alternative revenue sources that might be a blessing to all. Situation: Marathon Bible College’s Controller and Chief Development Officer called us and asked about the program we do with “R.E.O.” Well, we call it Revenue Enhancement Opportunities and it is an on-site project we do with a prayerfully chosen group from your leadership team..
Have You Heard About the Legacy IRA Act?
The Legacy IRA Act of 2019 – currently in the U.S. House of Representatives – could make IRA Charitable Rollovers even more attractive to your school’s donors. There is a recent bill in Congress that would open the opportunities for these rollovers to be “invested” in planned giving vehicles such as Charitable Remainder Trusts and Charitable Gift Annuities…
IRS Recommends Employees do a Mid-Year “Paycheck Checkup.”
ISSUE:
IRS Form W-4 (Employees’ Withholding Allowance Certificate) can be difficult to navigate for any of us. The IRS has developed a “Tax Withholding Estimator” to help employees properly plan for tax withholding.
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…