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HEERF Annual Reporting Primer

By David B. McClintock, CPA January 20, 2021

During 2020, the Higher Education Emergency Relief Fund (HEERF), included as part of the wide-ranging CARES Act, provided a lifeline to institutions of higher education and their students. As the policy and requirements for both the student and institutional grants evolved over the year, schools were required to post regular…

Institutional Charge Proration

By Michael T. Wherry, CPA August 30, 2019

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…


New Partnership Basis Reporting Requirements

By Jackie L. Emert, CPA, MST August 30, 2019

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…