2021 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 not required to file...
PPP2: Are Your PPP1 Loans/Grants Included in “Gross Receipts?”

HEERF Student Grants Reported on Form 1098-T?

ISSUE Through the Summer and Fall of 2020, the apparent IRS guidance was that student grants under the CARES Act Section 18004, Higher Education Emergency Relief Funds (HEERF), would be required to be reported on your 2020 Form 1098-T’s sent to students in January...
PPP2: Are Your PPP1 Loans/Grants Included in “Gross Receipts?”

2020 Form 990-T Draft Instructions Released

ISSUE: As we mentioned in September, the 2020 Form 990-T (draft) is organized differently from what we have seen annually since 1951.  Now, the IRS has released the draft instructions for the 2020 Form 990-T. SITUATION: Denali Christian College (DCC) is a private...