On March 5, 2019 ED published new guidance to address when books, supplies, etc. are considered to be institutional charges and how these charges should be properly recognized for Title IV purposes. ED defined clearly that an institutional charge must be recognized over the entire period for which the charge...
By: Jackie Emert, CPA, MST, and Melissa Ballantine Partnership tax basis and a taxpayer’s ability to use passed-through deductions has always been a hot issue for the Internal Revenue Service (IRS). However, enforcement has been difficult, due to the multiple basis methods that are reported on partners’ Schedule K-1s. That was, of...
This article was original published in the May 2019 Career Education Review and reproduced here with permission. Article originally posted at careereducationreview.net. As Herb Brooks famously told the U.S. Olympic hockey team late in the 1980 game against the USSR – “Play Your Game” – these words ring true today. Herb...
June 30 didn’t only mark the end of the first half of 2019. It was also the first day for significant updates to the standards used in drafting financial statements for not-for-profit (NFP) entities that have a 6/30 year end. These updates make changes to net asset classification requirements and include...
The Department of Education (ED) simplified parts of the 2019 Gainful Employment Disclosure Template, with ED outlining the changes in a May announcement (Gainful Employment Electronic Announcement #119). In the weeks leading up to the July 1 deadline to comply with the changes, ED also gave institutions some important clarity...
Making an acquisition in a highly regulated industry like postsecondary education means following required procedures and obtaining approvals from multiple agencies. Often, the most significant approval comes from the U.S. Department of Education (ED) because the approval can include a requirement to post a letter of credit with ED as...
The Internal Revenue Service is now enforcing the Form 1098-T reporting changes, first introduced in 2016. The significant change requires educational institutions to report payments received for qualified tuition and related expenses (QTRE), rather than the amounts billed to students. Prior to this year, educational institutions were able to provide an...
Originally published in the October 2018 issue of Career Education Review, and reproduced here with permission. Article originally posted at careereducationreview.net Over the summer, I have been reflecting on the impact of the September 2016 Guide for Audits of Proprietary Schools and for Compliance Attestation Engagements of Third-Party Servicers Administering Title...