Tax Tips for Higher Education

Issue There is a lot going on as we begin 2017!  What specific items do “Top financial officials” at Christian colleges need to be looking at? Situation Marathon Bible College (MBC) is a private college exempt under Internal Revenue Code section 501(c)(3) and section...

Cash gifts to employees at Christmas – or anytime during the year – are taxable to the employee, require payroll taxes to be paid, and are includable on Form W-2.

We continue to hear from higher education institutions with questions about several W-2 issues – foremost are health coverage reporting and the new deadlines. This “Tax Tips” should serve as a “heads up” on both of those issues.

Do you have questions with regard to providing copies of Form 990 to your Board of Trustees and how to report this activity on Form 990, Part VI?

Issue More and more, higher education institutions are looking to “raffles” for opportunities to raise funds.  It should be noted that these events may require state registration, more Form 990 reporting, and additional tax compliance with prize reporting.   Also,...