Tax Tips for Higher Education
ITIN Renewals
More than 1 million Individual Taxpayer Identification Numbers are set to expire at the end of 2020 as the Internal Revenue Service completes the expiration of ITINs assigned prior to 2013. The IRS continues to urge affected taxpayers to submit their renewal applications early to avoid refund delays next year.
Cybersecurity: Avoid Phishing Scams
The IRS and the Security Summit continue to issue “Tips for Tax Professionals” (that contain good information for all of us). Today we look at Part 4 of the six-part series, “Working Virtually: Avoid Phishing Scams.”
PPP: FTE – Loan Forgiveness Reductions?
Nearly everyone is thinking about PPP loan forgiveness these days. One of the issues Bible colleges and seminaries are looking at is the reduction in FTE and the exclusions in the rules for some eliminated positions…
Multi-Factor Authentication
Let’s look closer at one of the safeguards that the IRS and “Security Summit” noted in their reports. Part 2 of the Security Summit Tips for Tax Professionals is entitled, “Use Multi-Factor Authentication to Protect Accounts.”
Cybersecurity Update
ISSUE: Cybersecurity should be a priority for your institution. The Department of Education has specific requirements under the Gramm-Leach-Bliley Act. The IRS is in the process of releasing a five-part report on cyber protection when working remotely. SITUATION: Marathon Bible College (MBC) is a private college exempt under Internal Revenue Code section 501(c)(3) and 170(b)(1)(A)(ii). As we work with them on their June 30, 2020 audit, cybersecurity risks dominated part of our assessment. MBC has appointed a “Cybersecurity Point Person”, they have received training, and the college completed a risk assessment…