Tax Tips for Higher Education
2017 UBIT – A Blended Tax Rate. Huh?
For institutions that owed taxes on unrelated business income – including the “Parking Tax” – with a fiscal year (usually May 31 or June 30 for our institutions), there is a bizarre “twist” to the tax rate they paid for fiscal years ended in 2018.
EFTPS
The Electronic Federal Tax Payment System® tax payment service is provided free by the U.S. Department of the Treasury. After you’ve enrolled and received your credentials, you can pay any tax due to the Internal Revenue Service (IRS) using this system.
We Are Family
In navigating the diverse instructions for Form 990, it is sometimes difficult to track who is included in the definition of “family” for various parts of the form and the accompanying schedules…“Is a Board member’s son-in-law a family member for purposes of Schedule L, Part IV?”
Yet Another “Parking Tax” Update
While Congress continues to procrastinate on repealing I.R.C. Section 512(a)(7), the IRS contemplates innovative ways to streamline dealing with this nonsensical law…The IRS is looking at promulgating guidance that would simplify and/or standardize the process of calculating an institution’s “total parking expenses.”
Health Savings Accounts (HSA) 2020 Limits Announced
Many of our schools are employing HSA’s (Health Savings Accounts) and HRA’s (Health Reimbursement Accounts) as a benefit to employees given the “tough times” they are experiencing with health insurance coverage. Contributions to HSA’s are limited each year – the amounts are adjusted for inflation…