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.
- 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