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June 26, 2020

NACUBO Offers Recommendations to IRS on UBIT Basketing Proposed Rules →

NACUBO, joined by 10 other higher education associations, submitted recommendations to the IRS on proposed regulations for calculating unrelated business taxable income. The comments focused chiefly on the reporting of investments, asking the Service to adopt a greater than 50 percent ownership threshold for the control test and that a tax-exempt organization be allowed to look through any directly or indirectly held partnership interest.

June 05, 2020

Congress Adds Flexibility to Paycheck Protection Program →

Recently enacted modifications to the Paycheck Protection Program give small businesses and nonprofits including some private colleges and universities more flexibility and time to use the loan proceeds while preserving loan forgiveness.

April 28, 2020

Proposed Rules on UBIT Basketing Published →

The proposed rules implementing a 2017 tax-law change to how higher education institutions and other exempt organizations calculate unrelated business taxable income – the so-called basketing rules – ease some but not all of the administrative headaches for colleges and universities. Comments are due by June 23.

April 17, 2020

COVID-19 Assistance for Employers Includes Extended Deadlines and Tax Relief →

Following requests from NACUBO and others, the IRS announced a July 15 tax filing and payment deadline for all taxpayers, including colleges and universities. The IRS also published penalty relief related to net operating losses, postponement of FICA and other employment taxes, and provided guidance on deferring those taxes.