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Tax

Stay on top of the many rules and policy developments affecting higher education tax administration and compliance, and follow NACUBO's advocacy efforts on tax matters.

Featured Product

A Guide to Federal Tax Issues for Colleges and Universities

This subscripton service gives you one reliable place to turn for up-to-date information on IRS compliance. You'll save valuable time and resources using our sample forms, checklists, and other practical tools … and you'll be able to structure your IRS compliance correctly, reducing your institution's potential liability. The service includes online access to guidance and Web tools, plus monthly newsletters for one year.

NACUBO Connections:  Discuss tax issues and find solutions on the Taxlist

If you're not already a subscriber to NACUBO's discussion group of more than 600 campus tax professionals, join the Taxlist eGroup. (Only employees of higher education institutions may participate).

News

• IRS Requests Comments on New 1099 Reporting Requirements
  (July 13, 2010)

• Coalition Works to Preserve Tax-Free Employer-Provided Tuition Benefits
  (June 15, 2010)

• Interim Report Released on IRS College & University Compliance Project
  (May 7, 2010)

• Associations Argue Against Linking Tax Credit with Service Requirement
  (May 3, 2010)

• FAQs on Form 990 Filing Requirements
  (May 3, 2010)

• CBO Releases Report on Tax Arbitrage by Colleges and Universities
  (May 3, 2010)

• House Passes Removal of Cell Phones From Listed Property
  (April 21, 2010)

• Treasury Solicits Comments on Linking Education Tax Credit with Community Service Requirement
  (April 21, 2010)

• IRS Gives in on Refund Claims for Pre-April 1, 2005 Medical Resident FICA
  (March 10, 2010)

• FBAR Guidance and Proposed Rules Released by IRS
  (March 1, 2010)

• More...

Resources

• NACUBO and AGB Release Analysis of IRS Compliance Questionnaire Responses - Late in 2008 the IRS sent a compliance questionnaire to approximately 400 colleges and universities, focused on governance practices, endowment management, executive compensation, and activities that generate unrelated business income. NACUBO partnered with the Association of Governing Boards of Universities and Colleges (AGB) on a parallel analysis of 146 survey responses provided voluntarily by institutions.
• IRS Provides Relief for Sponsors of 403(b)
• Checklist to Prepare for the New 990.
• New Electronic and Magnetic Media Filing Requirements Rev. Proc. 2008-30
• Publication 970,Tax Benefits for Education
• A Guide to Federal Tax Issues for Colleges and Universities is an online subscription service that gives you one authoritative source to turn to for up-to-date information on IRS compliance.
• Visit the Employment Tax Page for news and resources on employment tax issues, including student FICA, fringe benefits, and tax issues for college presidents.
• Education Tax Credits Resource Page provides source documents, IRS rules, forms, and publications related to 1098-T reporting