Tax Tips for Higher Education
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!
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?
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…
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.
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.