IRS Publishes Report From Wide Review of Colleges

The Internal Revenue Service last week released a report documenting its findings from a series of audits it conducted stemming from a broad, six-year review of tax compliance at hundreds of colleges. The report contained relatively few surprises, given that the revenue service had previewed its conclusions in previous analyses at earlier stages of its comprehensive review. The major findings of the Colleges and Universities Compliance Project Final Report focused, among other things, on colleges' improperly unrelated business income losses from activities that did not qualify because the agency determined that they had not been conducted with the purpose of making a profit.