Taxation for Universities and Colleges

Steve Hoffman 지음

Wiley 2013년 08월 30일 출간

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The quot;Tax Translatorquot; offers much needed advice and guidance on tax compliance for institutions of higher learningCollege and university officials often are unaware of their institutions' tax obligations. Especially for institutions without designated tax compliance officers, the consequences of such ignorance can devastating. Based on its author's decades of experiences as a tax manager at three universities, this handbook was written for all university staff involved with tax compliance-from the account clerk in the Accounts Payable Department, up through vice presidents, controllers, treasurers and directors. Steve Hoffman explains the core principles and practices that inform current tax policy and develops a framework for building a system for effective tax compliance, reporting and filing. Satisfies the urgent demand for timely, authoritative advice and guidance on a area of increasing concern for colleges and universitiesSheds new light on the impact of current tax obligations for both four-year and community colleges, which are often left out of the discussionThe Federal Government has recently stepped up its enforcement of tax law compliance for colleges and universities

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Preface xiiiAcknowledgments xxiAbout the Author xxiii1 Awareness 1Defining Tax Exempt 1The Six Steps of Tax Compliance 2The Five Things You Need to Do First 4Task 1: Look at Management 4Task 2: Assess the Current State of Your Tax Compliance Program 5Task 3: Develop a Team Approach 7Getting a Hold on the Process 7The IRS Is Paying Attention 9Why You Should Care 12Task 4: Assess Your Risk 13Task 5: Review IRS Communications 17Open Them! 17Statistics on Tax Staff 19The Different Kinds of Tax 20Employment Tax: The First Tax to Know about Because It&'s the Largest One for Your University 20Unrelated Business Income Tax (UBIT): Not a Distant Cousin Tax but a Close Relative to You Tax 21Sales Tax: It Is Close to Home 21Excise, or Exercise-Your-Checkbook Tax 22Borrowed Money Can Mean Tax, Too 22Overseas (International) Tax 22In Summary: Build Your Village 242 Identification 25Steps in Identifying Your Needs 26Independent Contractors 27Unrelated Business Income Tax (And What Does Macaroni Have to Do With It?) 30UBIT Applies to All and Can Be Necessary 31It&'s Okay to Have Unrelated Business Income 32The IRS Cares about UBIT 32The Three Tests for UBIT 34The Trade, or Business, Test 35Regularly Carried on Test 36The Not Substantially Related Test 37Advertising Is Always Subject to UBIT 40Things You Generally Don&'t Have to Worry About: Common Exceptions to UBIT 40Convenience Exception 41Go Ahead, Ask Around: The UBIT Questionnaire on Campus 41Allowable Deductions from UBIT 43Allocating Expenses: The IRS Hasn&'t Clarified 43Unrelated Debt-Financed Income: Got a Bonded Building? 45Research as UBIT 45Foreign Students: T

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저자(글) Steve Hoffman

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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.