by Dave Moja | May 25, 2021 | Tax Tips |
ISSUE: On May 11, 2021, the U.S. Department of Education released a plethora of information about the “HEERF III” funding set forth in the American Rescue Plan Act of 2021 (ARP). Beyond the allocation table (which includes some schools that were not allocated funds...
by Dave Moja | May 5, 2021 | Tax Tips |
ISSUE: On December 27, 2020, the President signed the Coronavirus Response and Relief Supplemental Appropriations Act, 2021 (CRRSAA) (P.L. 116-260). This law has some similarities—as well as important differences—from the Coronavirus Aid, Relief, and Economic...
by Dave Moja | Apr 28, 2021 | Tax Tips |
ISSUE: Form 990, Part V, Line 7g, asks, “If the organization received a contribution of qualified intellectual property, did the organization file Form 8899 as required?” SITUATION: Troas Bible College (TBC) is a private college exempt under Internal Revenue Code...
by Dave Moja | Apr 21, 2021 | Tax Tips |
ISSUE: As Bible Colleges and Seminaries contemplate alternative sources of revenue in these fast-changing times, could a “thrift store” that operates as a ministry and a money-maker be a viable option? SITUATION: Marathon Bible College (MBC) is a private...
by Dave Moja | Apr 15, 2021 | Tax Tips |
ISSUE: Although it will not affect most not-for-profit institutions – unless you have UBIT deductions – the Taxpayer Certainty and Disaster Tax Relief Act of 2020 added a temporary exception to the 50% limit on the amount that businesses may deduct for food or...
by Dave Moja | Apr 7, 2021 | Tax Tips |
ISSUE: In December 2020, the IRS issued guidance that CARES Act “student grants” from Higher Education Emergency Relief Fund (HEERF I) would not be reported on the 2020 Form 1098-T. Now, the IRS has issued updated guidance on whether higher education institutions...
