IRS Issues Report on Tax-Exempt Bonds Compliance Program
September 25, 2008
IRS has released a report summarizing data, analysis, and preliminary findings of the tax-exempt bonds compliance check questionnaire initiative launched last year. The objective of the project was to assess overall knowledge of post-issuance compliance and record retention requirements across a wide array of 501(c)(3) organizations, including colleges and universities. The project was the first major initiative in the IRS' use of the "soft contact" approach to compliance---the use of informal, non-audit contacts with the regulated community to promote compliance in the exempt bond market.
While respondents to the bonds questionnaire seemed to recognize the importance of post-issuance compliance procedures, the IRS report notes that there remain significant gaps in the effective implementation of such procedures throughout the charitable financings market segment. According to the report, most respondents reported that they maintained written policies and practices in three key areas of compliance; however about half of the respondents failed to describe their written procedures (which they were instructed to do). Citing an interest in "data inconsistencies", IRS plans to follow up with a number of respondents to assess the veracity of data received, including additional field compliance checks.
The next project the Tax Exempt Bonds division plans to launch in a continuation of the "soft contact" compliance check program will be a survey focusing on post-issuance compliance and record retention processes of governmental issuers.
- NACUBO Responds to White House College Affordability Plans
- Recommendations for Completing Form 1098-T
- Preliminary Results Show that College and University Endowments Returned 11.7 Percent in FY13
- 2014 Intermediate Accounting and Reporting - Winter
January 27-28, 2014
- 2014 Endowment and Debt Management Forum
February 5-7, 2014
- 2014 Facilities and Administrative Rates - Long Form
March 3-5, 2014
- WEBCAST: Developing a Market-Informed Approach to Tuition Pricing
Thursday, December 12, 2013 1:00 PM ET
- WEBCAST: How Behavioral Changes Helped Cut Energy Usage in Half
Wednesday, December 18, 2013 1:00 PM ET
- ON-DEMAND: Responsibility Center Management: The Process Necessary to Complete a Successful Implementation
- ON-DEMAND: OD: Responsibility Center Management: How Innovations Have Changed the Nature of RCM
- 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