IRS to Continue Examining Unrelated Business Income
May 17, 2013
On May 8, the House Ways and Means Oversight Subcommittee held a hearing to review the audit findings of the recently released final report from the Internal Revenue Service on the College and University Compliance Project.
The sole witness appearing at the May 8 hearing was IRS Exempt Organization Director Lois G. Lerner. The questions to Ms. Lerner from subcommittee members sought clarity on the findings contained in the final report and on the nature and extent of noncompliance of the 34 examined institutions, with particular attention given to unrelated business income (UBI) and executive compensation practices.
Ms. Lerner, who will return to testify before the House Oversight and Government Reform Committee on May 22 on concerns with political targeting at the IRS, reported that a second IRS study of UBI in the nonprofit community is underway and will likely include some colleges and universities. Specifically, the study will look at organizations that appear to have reporting discrepancies on IRS Forms 990 990-T.
NACUBO and the Association of Governing Boards of Universities and Colleges (AGB) recently distributed perspectives on and a brief summary of the IRS final report and the hearing. In 2008, NACUBO and AGB collaborated on a project looking at initial analyses of IRS' data collected via a questionnaire sent out to 400 colleges and universities. Both AGB and NACUBO will continue to offer education opportunities for member institutions in these areas of tax compliance.
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