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Congressional Hearing Planned Regarding IRS Final Report on Colleges and Universities Compliance Project

May 06, 2013

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.

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Image: Amy L Lawrence
Amy L Lawrence
Of Counsel, Tax Department