by Dave Moja | Jul 3, 2019 | Tax Tips |
ISSUE For institutions that owed taxes on unrelated business income – including the “Parking Tax” – with a fiscal year (usually May 31 or June 30 for our institutions), there is a bizarre “twist” to the tax rate they paid for fiscal years ended in 2018....
by Dave Moja | Apr 24, 2019 | Tax Tips |
ISSUE At this point, if your institution has any parking spots that are reserved for employees, you will have an “increase in UBTI under § 512(a)(7)” and likely be required to file Form 990-T and pay some tax – even if you do not have any unrelated business...
by Dave Moja | Mar 20, 2019 | Tax Tips |
ISSUE As more and more institutions are coming to terms with the “Parking Tax” being a sad reality and begin to look at the step-by-step calculations set forth in Notice 2018-99, many are wrestling with what constitutes “general public” parking spots. SITUATION...
by Dave Moja | Dec 12, 2018 | Tax Tips |
ISSUE As Congress continues to talk repeal, IRS and Treasury release interim guidance on I.R.C. Section 512(a)(7). How will this guidance affect Bible Colleges and Seminaries? SITUATION Denali Christian College (DCC) is a private college exempt under Internal Revenue...
by Dave Moja | Nov 7, 2018 | Tax Tips |
ISSUE The recently-released 2018 Draft Form 990-T instructions give guidance for institutions filing the form simply to pay the new “parking tax.” How does that work with the 2017 Form 990-T? SITUATION Marathon Bible College (MBC) is a private college exempt...
