Form 990: Special Reporting for Schools

Form 990: Special Reporting for Schools

ISSUE Form 990, Schedule E (Form 990) – Schools contains some potential traps to be aware of.     SITUATION Marathon Bible College (MBC) is a public charity and a school under I.R.C. sections 501(c)(3) and 170(b)(1)(A)(ii). Per requirements, MBC has a racially...
Tax Reform: UBIT-Tax Increase?

Tax Reform: UBIT-Tax Increase?

ISSUE The “Tax Cuts and Jobs Act” contains a much-publicized “decrease” in the corporate tax rate to 21%.  This may actually result in a tax increase for some organizations – and sooner than you might think.   SITUATION Saltwater Christian College (SCC) is a private...
Update on Political Activities

Update on Political Activities

ISSUE Although changes were proposed, the ban on political activity for 501(c)(3) organizations remains.  However, “issue advocacy” is allowable.   SITUATION Marathon Bible College (MBC) is a private college exempt under Internal Revenue Code section 501(c)(3) and...
Form 1042-S Deadlines

Form 1042-S Deadlines

ISSUE March 15 is the annual filing deadline for those schools required to file Form 1042-S for payments to foreign students in amounts that are not QTREs. Do you know how to extend these filings, if necessary?   SITUATION Denali Christian College (DCC) is a private...