Taxation for Universities and Colleges: Six Steps to a Successful Tax Compliance Program
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Expert guidance on tax compliance for institutions of higher learning
Though most colleges and universities qualify for tax-exempt status, they still have tax obligations that can be quite complicated. For CFOs and other professionals responsible for managing taxation for these institutions, unraveling what's owed can be a challenge. In Taxation for Universities and Colleges, former IRS professional and education tax specialist Steve Hoffman explains the tax obligations of nonprofit educational institutions and offers best practices for ensuring full compliance.
With the IRS currently focusing increased attention on compliance in nonprofit organizations, it's more important than ever that universities enact effective compliance systems. Yet many institutions do not even have a designated tax compliance officer, leaving that duty in the hands of whichever staff member is willing to undertake it. But the consequences of mishandling taxation can be truly devastating. Here, Hoffman explains core principles and practices that inform current tax policy and shows you how to build a framework for effective compliance, reporting, and filing.
Despite their nonprofit status, colleges and universities are usually responsible for some kinds of taxes--including employment taxes, unrelated business income taxes, sales taxes, excise taxes, and international taxes for employees working abroad. This book fully explains what those taxes are, how to monitor and report them, and how to file them. Additionally, it gives compliance staff at every level--from account clerks to CFOs--in-depth guidance on designing or improving a compliance system in six detailed steps. Taxation for Universities and Colleges also covers the full range of on-campus activities that may present potential tax issues, how to ensure compliance with taxation policies, how to defend an institution during an audit, taxation issues unique to community colleges, and much more.
Ideal for anyone who deals with taxation issues at four-year colleges and universities, as well as community colleges, this practical and insightful resource offers vital tips and best practices for developing efficient and money-saving tax compliance policies.
STEVE HOFFMAN is a tax professional with long experience in taxation for colleges and universities as well as nonprofit organizations. He is a former tax manager for The Ohio State University and George Washington University.He is also a former Director in the Business and Finance Division of West Virginia University. He publishes the Tax Update Newsletter for Colleges and Universities, which is distributed throughout the United States. He spent fifteen years at the Internal Revenue Service and is also a Certified Financial Planner.
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