IRS Excludes Colleges and Universities From Voluntary Compliance Program
October 7, 2004
IRS Revenue Procedure 2004-59 sets forth a new voluntary compliance program for withholding agents that make payments to foreign persons. The program enables witholding agents that make scholarship, fellowship, wage, and other payments to foreign persons to disclose areas of non-compliance to the IRS in return for reduced tax liability and limited or waived penalties. Note that this new program is not available to colleges and universities or section 501(c)(3) organizations affiliated with institutions.
The new program is similar to an earlier program that was available to colleges and universities in 2001 and expired in 2002. IRS officials expected a stronger response to the initial effort (announced in Rev. Proc. 2001-20) than was received--only a handful of institutions participated. The service specifies that organizations that were eligible for the 2001 program are ineligible for the new one.
The new program is effective as of September 29 and open until December 31, 2005.
NACUBO contact: Mary M. Bachinger, director, tax policy
- Some Cash Management Changes Apply to All Institutions
- NACUBO Summarizes Regulations on Banking, Processing Relationships
- Education Funding Depends on Devil in the Details
- 2016 Intermediate Accounting and Reporting - Winter
January 25-26, 2016
- 2016 Facilities and Administrative Rates - Long Form
January 25-26, 2016
- ON-DEMAND: Understanding ED's New Cash Management Rules
- ON-DEMAND: A Financially Sustainable Approach to Innovate Academic Programs
- ON-DEMAND: Legislative Lunchcast: A 30-Minute Washington Update from NACUBO
- ON-DEMAND: Developing Your Campus Distance Learning Strategy
- ON-DEMAND: VIRTUAL: 2015 Annual Meeting
- ON-DEMAND: NACUBO Live!: CBO Speaks
- ON-DEMAND: A Just-in-Time Webcast to Explain FASB’s NFP Reporting Proposal
- ON-DEMAND: Decoding ED's Cash Management Proposal
- A Guide to College and University Budgeting: Foundations for Institutional Effectiveness, 4th ed. - by Larry Goldstein
- NACUBO's Guide to Unitizing Investment Pools - by Mary S. Wheeler
- Managing and Collecting Student Accounts and Loans - by David R. Glezerman and Dennis DeSantis