by Dave Moja | Jan 13, 2022 | Tax Tips |
ISSUE: The Internal Revenue Service has released the standard mileage rates for the coming year. SITUATION: Idaho Theological Seminary (ITS) is a private college exempt under Internal Revenue Code section 501(c)(3) and 170(b)(1)(A)(ii). They are...
by Dave Moja | Dec 14, 2021 | Tax Tips |
ISSUE: Lately, there has been a lot of conversation about “gaming.” If a college holds a raffle, does that need to be reported on Schedule G (Form 990), Part III? And might the raffle generate unrelated business income? Back in 2018, the IRS gave us an “Issue...
by Dave Moja | Dec 8, 2021 | Tax Tips |
ISSUE IRS’s Tax Exempt & Government Entities (TE/GE) Division has released its fiscal year 2022 program letter which highlights the Service’s priorities and expectations – and aligns with the agency’s overall strategic goals. The IRS’ strategic...
by Dave Moja | Nov 9, 2021 | Tax Tips |
ISSUE With myriad IRS “Frequently Asked Questions” (FAQs) issued, updates to FAQs, and further clarifications to FAQs swirling around in the wake of Coronavirus legislation/funding, what happens if a taxpayer relies on an FAQ – only to have it changed later? Will...
by Dave Moja | Oct 18, 2021 | Tax Tips |
ISSUE: As we move on past the October 15th extended deadline for individual taxpayers, you might like to know about a new IRS form for future reference. Form 1040-SR is available as an optional alternative to using Form 1040 for taxpayers who are age 65 or older....
by Dave Moja | Sep 28, 2021 | Tax Tips |
ISSUE: On September 10, 2021, the IRS updated its frequently asked questions (FAQs) on the procedure for obtaining an Individual Tax Identification Number (ITIN). SITUATION: Troas Bible College (TBC) is a private college exempt under Internal Revenue Code...
