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September 18, 2020

Final Endowment Tax Regulations Adopt Reasonable Approach →

The IRS and Department of the Treasury finalized rules governing the net investment income tax imposed on certain private colleges and universities. Many provisions in the final rules reflect the comments submitted by NACUBO and other stakeholders.

August 31, 2020

Uncertainty Surrounds Limited Guidance on Payroll Deferral Plan →

According to an IRS notice published late Friday, employers may defer the withholding and deposit of employees’ share of social security tax for the period of September 1 through December 31, 2020. The liability for the taxes is not waived and employers opting to participate in the deferral will need to collect and deposit those amounts between January 1, 2021, and April 30, 2021.

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.