IRS Extends College & University Compliance Questionnaire Deadline to February 6
November 20, 2008
Speaking at the NACUBO Tax Forum, IRS Exempt Organizations director Lois Lerner talked about the questionnaire which was sent to 400 institutions in early October, with a 90 day submission deadline. Lerner noted the recently published FAQs for questionnaire recipients, as well as the one-month extension of time.
Addressing the group of more than 225 campus tax professionals--many of whom were from schools that received the IRS questionnaire--Ms. Lerner stated that the objective of the IRS’ College and University Compliance Project was to enhance transparency. By gathering information about a cross-section of the higher education sector, the Service seeks to get a clearer picture of compliance levels, in order to identify what areas might be improved by better education and outreach from IRS
Ms. Lerner added that focused, rather than comprehensive, audits will also be a part of the compliance project. Unrelated business income tax and executive compensation will be the issues that upcoming college and university audits will target. Ms. Lerner would not report on the number of these audits that will take place.
New Form 990. Lerner noted that the Service is interested in hearing feedback as the regulated community experiences the initial reporting under the redesigned and expanded Form 990. She reported that the IRS plans to convene focus groups across the exempt sector to examine issues and encouraged those interested in participating in a focus group to contact Mary Bachinger, director, tax policy at NACUBO.
Ms. Lerner also discussed how the IRS approaches issues amidst press coverage and congressional pressure, the Service's ongoing interest in how nonprofit organizations are governed and the link between good governance and tax compliance.
Coming soon: podcast of Ms. Lerner’s November 16 remarks at the NACUBO Tax Forum--check NACUBO's Distance Learning Page.
Details about the AGB-NACUBO IRS Questionnaire study
IRS FAQs on the College and University Compliance Questionnaire
- Tuition Increases Slow, While Student Loan Borrowing Declines, College Board Reports
- IRS Response to NACUBO on 1098-T Penalties Offers No Relief
- IRS Publishes Final Rules on Overpayments of Arbitrage Rebate on Tax-Exempt Bonds
- 2015 Intermediate Accounting and Reporting - Winter
January 22-23, 2015
- 2015 Endowment and Debt Management Forum
February 4-6, 2015
- 2015 Unrelated Business Income Tax
February 25-27, 2015
- ON-DEMAND: How to Build, Develop, and Support a Compliance Program at Your Institution
- ON-DEMAND: Strategic Tuition Assessment and Tuition Restructuring
- ON-DEMAND: Are Shared Services Right for Your Organization – The KU Journey
- ON-DEMAND: VIRTUAL: 2014 Annual Meeting
- ON-DEMAND: VIRTUAL: Student Financial Services Conference
- ON-DEMAND: VIRTUAL: Higher Education Accounting Forum
- 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