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Not For Profit/Exempt Organizations Blog

Tag Archives: UBIT

Advisory Committee on Tax Exempt and Government Entities Makes Recommendations on Reporting of Unrelated Business Taxable Income

Posted in IRS Filings

The Advisory Committee on Tax Exempt and Government Entities (“ACT”), an IRS advisory panel, made several recommendations on issues relating to unrelated business taxable income (“UBTI”) in its annual report to the IRS (the “Report”).  In recent years, the IRS has focused on UBTI reporting for tax exempt organizations; issues relating to UBTI reporting were addressed… Continue Reading

IRS Issues Wake Up Call to Colleges and Universities — Congress to Hold Hearings

Posted in IRS Filings

The IRS released its Final Report on its five year study of the audit results of colleges and universities.  Lois G. Lerner, Director of the Exempt Organizations division of the IRS announced the “long awaited” posting of the report. In 2008, the IRS sent a 33 page questionnaire to 400 randomly selected colleges and universities.  In 2010,… Continue Reading