When To Deduct Charitable Contributions

When To Deduct Charitable Contributions

ISSUE: Donors generally can deduct their contributions only in the year they actually make them in cash or other property.       SITUATION: Idaho Bible College & Seminary (IBCS) is a private college exempt under Internal Revenue Code section 501(c)(3) and section...
Student FICA Exception

Student FICA Exception

ISSUE: Services in the employ of certain higher education institutions, performed by a student, qualify for the exception from FICA tax. SITUATION: Marathon Bible College (MBC) is a private college exempt under Internal Revenue Code section 501(c)(3) and section...
Tax Reform: President’s House on Campus?

Tax Reform: President’s House on Campus?

ISSUE: H.R. 1 – the House’s version of tax reform – has some negative issues for higher education.  One of these is a limitation on “employer-provided housing.”     SITUATION: Saltwater Christian College (SCC) is a private college exempt under Internal Revenue...
Happy Thanksgiving!

Happy Thanksgiving!

Please know that we are Thankful for each and every one of you.  We pray that you will have a blessed Thanksgiving with family and friends.  We are grateful for the work you do to bless those around you and further the Kingdom of Jesus.     Psalm 118:28-29 You are my...
Holiday Gift Cards for Employees

Holiday Gift Cards for Employees

ISSUE: Although actual turkeys and hams given to employees are generally non-taxable, holiday gift cards are another story.   SITUATION: Idaho Bible College & Seminary (IBCS) is a private college exempt under Internal Revenue Code section 501(c)(3) and section...
New Tax Reform and Educational Assistance

New Tax Reform and Educational Assistance

ISSUE: The new tax reform bill – H.R. 1 – has some negative issues for higher education.  Chief among them are the repeal of tuition and education “assistance” programs. SITUATION: Troas Bible College (TBC) is a private college exempt under Internal Revenue Code...