Form 1098-T, Head’s Up!

Form 1098-T, Head’s Up!

ISSUE Schools that are “eligible educational institutions” must file Form 1098-T by fast approaching due dates.  In addition, with the “deletion” of Box 2 (Amounts billed) beginning with the 2018 form, there remains much confusion with regard to this form. SITUATION...
Form 1098-T, Head’s Up!

Parking Tax Refunds

ISSUE With the “Parking Tax” retroactively repealed, how do those institutions who paid this tax over the past few years apply for a refund?   SITUATION Marathon Bible College (MBC) is a private college exempt under Internal Revenue Code section 501(c)(3) and...
Form 1098-T, Head’s Up!

Ministry Business Meetings

ISSUE When employees go to a restaurant for a “business meeting”, how should that be handled?  How do you document that expense?  Is it taxable to those workers?   SITUATION Denali Christian College (DCC) is a private college exempt under Internal...
Form 1098-T, Head’s Up!

Merry Christmas America!  Love, Congress

ISSUE The “Parking Tax” (I.R.C. Section 512(a)(7)) is being retroactively repealed this week.  Thanks to Congress.  But just begin to imagine the time, dollars, and brain toil we’ve all wasted – especially the already overburdened IRS – on this insane, ludicrous...
Form 1098-T, Head’s Up!

Of IRAs and QCDs and RMDs

ISSUE Savvy institutions are taking advantage of “IRA Charitable Rollovers.”  Your donors over 70 ½ years old may give through their IRA accounts using all or part of their annual required minimum distribution – potentially killing two birds with one stone.  With that...