Tax Tips for Higher Education
Happy Thanksgiving!
You are all a blessing to us and we are thankful for you and the schools you serve!
All this is for your benefit, so that the grace that is reaching more and more people may cause thanksgiving to overflow to the glory of God. (2 Corinthians 4:15)
Happy Thanksgiving!
Holiday Turkeys or Gift Cards for Employees – Taxable?
Issue At this time of year, we are often asked about whether the value of a turkey, ham, or another item of merchandise purchased by an employer and distributed generally to each of the employees of an organization at Christmas, or a comparable holiday, constitutes...
Corporate Sponsorships with Benefits
Just because a payment looks like a “qualified sponsorship payment” (i.e. your institution stays within the bounds of these rules – logos, neutral descriptions, no qualitative language) does not mean that a portion might not be deemed unrelated business income due to “substantial return benefits.”
Corporate Sponsorships in the “Hands” of the Sponsor
Issue We often answer questions from Christian colleges about how a corporate sponsor might be able to handle their sponsorship payments under the Internal Revenue Code. Is it deductible as an ordinary and necessary business expense or as a charitable contribution?...
Do You Need to do a “UBIT Assessment”?
Halloween is coming and we don’t mean to be scary, but… as the IRS Exempt Organizations Division makes unrelated business activities a priority (see the most recent IRS Priority Guidance Plan), it would behoove all colleges, seminaries, and universities to do an analysis of these activities to ensure that they are in compliance with IRS rules. We advise that EVERY Christian college has an “analysis of income producing activities” document in their files showing that they have measured their unrelated business activities.