by Dave Moja | Jan 20, 2021 | Tax Tips |
ISSUE: The “Taxpayer Certainty and Disaster Tax Relief Act of 2020 – as part of the Consolidated Appropriations Action, 2021 (CAA) – (enacted December 27, 2020) instituted another round of Paycheck Protection Program Loans/Grants. Eligibility for PPP2 includes...
by Dave Moja | Jan 14, 2021 | Tax Tips |
ISSUE: The “Taxpayer Certainty and Disaster Tax Relief Act of 2020 – as part of the Consolidated Appropriations Action, 2021 (CAA) – (enacted December 27, 2020) amended and extended the Employee Retention Credit (ERC) that was included in the CARES Act. ...
by Dave Moja | Jan 7, 2021 | Tax Tips |
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...
by Dave Moja | Dec 22, 2020 | Tax Tips |
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...
by Dave Moja | Dec 9, 2020 | Tax Tips |
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...
by Dave Moja | Dec 2, 2020 | Tax Tips |
ISSUE: The Department of Education has begun to provide guidelines on Higher Education Emergency Relief Fund (“HEERF” – CARES Act Section 18004) Annual Reporting – which differs from the quarterly reporting that is currently ongoing. SITUATION:...
