Penalty Relief for 2019 and 2020 Form 990-T Filings

The Coronavirus “Era” (that we are still not through) has hit many of us in different ways.Through the negatives, we have learned much and – in some cases – become better at what wedo. But it has been a struggle. Even though the IRS has recently been super-funded by...

Form 8899 and Donated Intellectual Property

Let’s face it. It can be a challenge for many institutions to ensure that the Finance Team isnotified regarding every single in-kind or non-cash donation. At your school, is there a chancethat someone might donate some type of “know how” and that it would not be...

IRS Changes Mileage Rates for Second Half of 2022

As they do annually, in late 2021, the IRS released the standard mileage rates for 2022. Prior to thebeginning of any given calendar year, it is a good idea to update your various polices, guidelines,worksheets, and templates to reflect the new rates.The original 2022...

Does Your Institution have “Laundry Operations?”

Here’s a question we get occasionally: Our school has coin-operated washing machines anddryers are used by resident students to wash linens, clothing, etc.  Do the revenues from theLaundromat constitute unrelated business income? What if the Laundromat is open to the...

Raffles and Other Gaming Activities

These days, post-COVID, many colleges are looking toward new fundraising ventures in order to raisemuch-needed dollars. One opportunity may be in the form of “raffles.” Institutions should diligentlyresearch and ensure that they are staying within the law when it...