IRS reviews colleges and universities for tax law compliance
The Internal Revenue Service is currently conducting a review of colleges and universities with a primary focus on executive compensation and tax payments for unrelated business income, Inside Higher Ed's Doug Lederman wrote for USA Today.
The Internal Revenue Service is currently conducting a review of colleges and universities with a primary focus on executive compensation and tax payments for unrelated business income, Inside Higher Ed's Doug Lederman wrote for USA Today.
The preliminary survey conducted by the IRS spanned to nearly 400 institutions, including both public and private universities. The questionnaire is aimed towards gauging compliance with federal tax laws, as colleges and universities make up one of the largest non-profit sectors that bring in revenue and assets.
"This compliance project, like our previous one on nonprofit hospitals, gives us a lot of valuable information on activities conducted by those organizations that will help us in our enforcement and services efforts," IRS exempt organizations director Lois Lerner.
The responses from the questionnaire led the IRS to launch an examination of 30 institutions. The final report has not yet been released.
The IRS is making a point of cracking down on businesses and individuals that do not comply with tax law. The agency is also increasing enforcement on high net-worth individuals who evade taxes by utilizing offshore accounts and conducting an higher amount of business audits than in previous years.
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