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House Holds Hearing on College Tax Issues

House Holds Hearing on College Tax Issues
May 9, 2013

WASHINGTON -- At a hearing Wednesday afternoon on the Internal Revenue Service's recently issued wide-ranging report on tax compliance at colleges and universities, lawmakers said they were disturbed that the report found a high degree of noncompliance on unrelated business income, revenue earned by nonprofit organizations in ways that are not directly related to their missions. The IRS told lawmakers on the House of Representatives Ways and Means committee's oversight subcommittee that the 34 colleges -- half public, half nonprofit private -- examined most closely during the audit shouldn't be considered a representative sample, and that there are plans to continue looking into how unrelated business income is handled across the sector.

 

 

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