Tax Tips for Higher Education

ISSUE:

How does an organization that does not file a Form 990-series return inform the IRS of a change in accounting period?

SITUATION:

Idaho Bible College & Seminary (IBCS) is a private college exempt under Internal Revenue Code section 501(c)(3) and section 170(b)(1)(A)(ii).  IBCS is also classified by the IRS as an “integrated auxiliary of a Church as described in section 1.6033-2(h) of the Treasury Regulations” and, therefore, not required to file Form 990.

SSUE:

Any business activity in which substantially all the work is performed for the organization by volunteers – without compensation – is not an unrelated trade or business.

SITUATION:

Troas Bible College (TBC) is a private college exempt under Internal Revenue Code section 501(c)(3) and section 170(b)(1)(A)(ii).  TBC is located in a downtown area. 

Let’s continue in prayer for all of those affected by the recent hurricanes.

ISSUE:

An “employer-sponsored donor advised fund” may be just the answer for institutions beleaguered by qualified disasters.

SITUATION:

Marathon Bible College (MBC) is a private college exempt under Internal Revenue Code section 501(c)(3) and section 170(b)(1)(A)(ii).  MBC incurred significant damage to their campus from Hurricane Irma.  All of their employees had property damage – but, thankfully, no injuries.

As a result of the disaster, MBC has several tax-advantaged options that they might employ to assist/benefit their employees’ families who were victims of the hurricane.

Let’s continue in prayer for all of those affected by the recent hurricanes.

ISSUE:

An employer-sponsored “qualified disaster relief program” may be just the answer for institutions beleaguered by recent hurricanes.

More on Taxidermy Donations

**Let’s continue in prayer for all of those affected by the recent hurricanes.

ISSUE:

A recent Tax Court ruling says “not so fast” to the valuation of donated hunting specimens.