Congressional Hearing Planned Regarding IRS Final Report on Colleges and Universities Compliance Project
By STEPHEN TURANCHIK & AMY LAWRENCE
IRS Colleges and Universities Compliance Project
The Internal Revenue Service (“IRS”) recently completed a four-year investigation into compliance by nonprofit colleges and universities in the following tax areas:
Unrelated business taxable income (“UBTI”);
Executive compensation; and
Employment tax issues.
The final report on the Colleges and Universities Compliance Project, released by the IRS on April 25, 2013 details extensive failure by the audited colleges and universities to comply with federal tax laws.