IRS Grants Tax Relief for International Students During COVID-19 Crisis
Following advocacy efforts by NACUBO, the Department of the Treasury and the IRS released guidance on tax relief for visiting students and scholars who currently are unable to travel home. The IRS also issued guidance on other filing and payment extensions.
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.
Agencies Provide Updates on Taxability, Disclosure Reporting for Emergency Grants to Students
Following advocacy from NACUBO, the IRS has issued guidance that emergency grants provided to students under the CARES Act are not taxable. Meanwhile, the Department of Education is requiring institutions to post emergency grant disclosures to their websites no later than 30 days after receiving the funds.