NACUBO Submits Comments to IRS on Three Percent Withholding Requirement
April 30, 2008
On April 24, NACUBO filed comments to IRS in response to Notice 2008-38. The notice addresses implementation of a requirement, added by section 511 of the Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA), for governmental entities, including public colleges and universities, to withhold three percent on payments for goods and services.
In addition to addressing specific questions set forth in the notice about how to implement section 511, the NACUBO letter also expressed grave concerns with the underlying law, which is scheduled to go into effect beginning in 2011. Five higher education associations (AACC, AASCU, AAU, ACE, and NASULGC) endorsed NACUBO’s April 24 comment letter.
The recently House-passed Taxpayer Assistance and Simplification Act of 2008 (H.R. 5719) includes a one-year postponement of the provision. The bill has yet to be considered by the Senate Finance Committee.
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