IRS to Scrutinize EO Compensation and Benefits Practices
August 25, 2004
The Internal Revenue Service recently announced a new enforcement initiative aimed at identifying and stopping perceived abuses by exempt organizations related to excessive compensation and benefits paid to officers and insiders. In the coming months, IRS plans to contact approximately 2,000 tax-exempt organizations to gather information about their salary levels and practices. It is not clear how many colleges and universities, if any, will be included in this new effort.
According to an August 11 IRS press release, the purposes of the enforcement project , which will involve in-person examinations as well as other contacts, are to:
- address the compensation of specific individuals or instances of questionable compensation practices,
- increase awareness of tax issues as organizations set compensation in the future, and
- learn more about the practices organizations are following as they set compensation and report it to the IRS and the public on their annual Form 990 returns.
The project began in late July and will continue into 2005.
- Associations Respond to DACA and DREAM Act Concerns
- Congress Makes Changes to GI Bill Education Benefits
- CFPB Report Criticizes Campus Banking Agreements
- 2017 Intermediate Accounting and Reporting - Winter
January 23-24, 2017
- 2017 Endowment and Debt Management Forum
February 1-3, 2017
- WEBCAST: NACUBO Live! Results of the 2016 NACUBO-Commonfund Study of Endowments
Thursday, February 2, 2017 9:15AM ET
- WEBCAST: Compliance Challenges for the New EPA Hazardous Waste Rule
Tuesday, February 7, 2017 1:00PM ET
- WEBCAST: Legislative Lunchcast: A 30-Minute Washington Update from NACUBO
Thursday, February 9, 2017 12:00PM ET
- ON-DEMAND: The ROI of Student Success: Practical Considerations for Measuring and Conveying the Financial Value of Student Support Services
- ON-DEMAND: The CBO's Role in Diversity and Inclusion on Campus