2022 Mileage Rates

2022 Mileage Rates

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...
2022 Mileage Rates

EO Issue Snapshot – Gaming

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...
2022 Mileage Rates

IRS 2022 TE/GE Program Letter

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...
2022 Mileage Rates

Reliance on Recent IRS FAQs

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...

Form 1040-SR

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....
Individual Tax Identification Number (ITIN)

Individual Tax Identification Number (ITIN)

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...