IRS project finds tax compliance issues at educational institutions

07/22/2013 | Journal of Accountancy print issue

Colleges and universities today conduct a lot of business not directly related to their educational function, and a recent study by the Internal Revenue Service confirms that they are not paying all the tax they should. The service recently examined colleges' and universities' treatment of unrelated business taxable income and compensation and found widespread underreporting of taxable income and various problems with valuation of compensation. The IRS now plans to examine these issues more broadly across other tax-exempt organizations.

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