Tax Tips for Higher Education
Liquidity and Availability Disclosures
Is your institution prepared for the “liquidity and availability” disclosures? ASU 2016-14 requires several financial statement presentation and disclosure changes.
Internet Can Officially Be Used to Publicize Racially Nondiscrimination Policy
Situation: Saltwater Christian College’s Accounting Team has heard that the IRS has officially published new guidance regarding the publication of their racially nondiscrimination policy. Historically, SCC has taken out an ad in the regional newspaper to publicize this policy. Now, they are asking if that is still necessary.
Form 990 eFiling is a Good Idea (The IRS Says So!)
So far, Congress has not mandated eFiling for Form 990 returns. It continues to be talked about and recommended. Your institution should consider eFiling as there are advantages. SITUATION: Saltwater Christian College (SCC) is a private college exempt under Internal Revenue Code section 501(c)(3) and 170(b)(1)(A)(ii). They are required to file Form 990 annually. SCC calls to say that they were wondering why we eFiled their Form 990 each year…
Form 990-T and the “Other” Schedule M
For institutions with more than one unrelated business activity – don’t count “parking/transportation fringes” – there is a new reporting regime for Form 990-T that involves a NEW Schedule M (Form 990-T).
The “Parking Tax” – Circa April 2019
At this point, if your institution has any parking spots that are reserved for employees, you will have an “increase in UBTI under § 512(a)(7)” and likely be required to file Form 990-T and pay some tax – even if you do not have any unrelated business activities.