Form 1098-T Update

Form 1098-T Update

ISSUE The 2015 PATH Act mandated changes to Form 1098-T reporting.  Those “Box 1 only” changes take effect in 2018.   SITUATION Idaho Bible College and Seminary (IBCS) is a private college exempt under Internal Revenue Code section 501(c)(3) and 170(b)(1)(A)(i).  They...
Qualified Parking as UBIT, Part 2

Qualified Parking as UBIT, Part 2

ISSUE New Internal Revenue Code Section 512(a)(7) which creates UBIT for “qualified transportation fringes,” may affect far more institutions than first suspected.   SITUATION Marathon Bible College (MBC) is a private college exempt under Internal Revenue Code section...
Qualified Parking as UBIT, Part 1

Qualified Parking as UBIT, Part 1

ISSUE New Internal Revenue Code Section 512(a)(7) may force your institution to file Form 990-T and pay unexpected taxes – ouch.   SITUATION Saltwater Christian College (SCC) is a private college exempt under Internal Revenue Code section 501(c)(3) and...
Minister’s Housing Allowance Update

Minister’s Housing Allowance Update

ISSUE The Minister’s Housing Allowance (I.R.C. Section 107(2)), was again deemed unconstitutional by a federal judge in 2017.  Now, the appeals process is progressing.     SITUATION Troas Bible College (TBC) is a private college exempt under Internal Revenue Code...