Issue

There is a lot going on as we begin 2017!  What specific items do “Top financial officials” at Christian colleges need to be looking at?

Situation

Marathon Bible College (MBC) is a private college exempt under Internal Revenue Code section 501(c)(3) and section 170(b)(1)(A)(ii).  They are required to file Form 990 annually.

Their Controller calls us wanting to “get a jump on things for 2017.”  She asks what tax areas should she and her team be focusing upon for the new year.

We tell her that there are many areas of rule changes and that the IRS has mentioned several items that they are monitoring more closely.  Specifically, the “data-driven” approach to Form 990 and field exams; an increased scrutiny of UBIT issues; compensation and benefits; potential tax reform; and various updates to rules and changes to deadlines.

We tell her that a great way to learn about all of these things would be to attend the “Tax Forum for Biblical Higher Education” on February 9, 2017, as part of ABHE’s Annual Meeting.  The cost is $75 and you may want to attend on-line.  You can learn more here.

Schedule
Thursday, February 9
8:30 – 9:30 – Session 1 — 2017 Higher Education Tax Update

  • New rules and regulations
  • Form 990 changes and IRS exam changes
  • Tax reform?
  • What to watch out for in 2017

9:30 – 10:00 – Session 2 — Compensation and Benefits Lab (Part 1)

  • Update on new FLSA, EEOC, and other rules
  • Employee benefit plan audits and Form 5500
  • Executive compensation issues
  • Case studies & Hands-on examples

10:00 – 10:30 – Refreshment Break

10:30 – 11:30 – Session 3 — Compensation and Benefits Lab (Part 2)

11:30 – 12:00 – Session 4 — UBIT allocation methods

  • IRS “guidance” on allocating expenses relating to dual use facilities
  • Recent and forthcoming changes in this arena
  • Best practices on allocation methods
  • Case studies & Hands-on examples

Q & A Discussion and Wrap-up
> Download Program Schedule

3.0 hours of recommended CPE

Bottom Line

The “Tax Forum” should be a great way to help your school navigate the intricacies of the 2017 reporting requirements.

Specific questions? Email Dave Moja

The information provided herein presents general information and should not be relied on as accounting, tax, or legal advice when analyzing and resolving a specific tax issue. If you have specific questions regarding a particular fact situation, please consult with competent accounting, tax, and/or legal counsel about the facts and laws that apply.