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A Guide to FEDERAL TAX ISSUES for Colleges and Universities

 
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Guide to Federal Tax Issues for Colleges and Universities

ISBN: 0-929156-71-4

 

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Pub code: TAX (print); CDTAX (CD)

A Guide to Federal Tax Issues for Colleges and Universities gives you one reliable place to turn for up-to-date information on IRS compliance. You'll save valuable time and resources using our sample forms, checklists, and other practical tools … and you'll be able to structure your IRS compliance correctly, reducing your institution's potential liability.

The IRS Exempt Organizations division is initiating a wide range of new efforts to increase compliance in the tax-exempt community. And there are a host of new challenges for colleges and universities.

Getting the right answers to your tax questions will limit your institution's tax liability. A Guide to Federal Tax Issues delivers the assistance you need, with:
  • Separate chapters on the most pressing IRS issues for higher education,
  • Valuable guidance from experienced nonprofit tax advisers,
  • A "how-to" orientation with checklists, charts and sample forms, and
  • A flexible looseleaf or CD format (and quarterly updates) that guarantees you'll have up-to-date information when there are new tax rulings, opinions, regulations or audit priorities.

As an extra benefit, when you subscribe you'll receive Federal Tax News for Colleges and Universities. This informative monthly newsletter — written by Bertrand M. Harding, Esq., an experienced tax attorney who advises colleges and universities — keeps you up-to-date on IRS developments of importance to you.

You'll use this valuable resource for years to come, to help you deal with one of the most fast-changing, big-dollar, here-to-stay subjects for any college business officer.

 

Written By

See Table of Contents for individual authors. The newsletter, Federal Tax News for Colleges and Universities, is written by Bertrand M. Harding, Esq., an experienced tax attorney who advises colleges and universities.

 

Written For

  • Business officers
  • Auditors
  • Legal counsel
  • Department heads

 

Table of Contents

Chapter 100: Unrelated Business Income, by Bruce R. Hopkins, Polsinelli Shalton Welte Suelthaus, Kansas City, MO

Basic Principles * Exceptions for Activities * Exceptions for Income * Other Aspects of Unrelated Income Rules * Issues for Higher Education

Chapter 300: Private Inurement and Excess Benefit Transactions, by Bruce R. Hopkins, Polsinelli Shalton Welte Suelthaus, Kansas City, MO

Principles of Private Inurement * Private Benefit Doctrine * Excess Benefit Transactions * Interrelationships of Doctrines

Chapter 500: Payments to Nonresident Aliens, by Donna E. Kepley, Arctic International, Washington, DC

Who Are Nonresident Aliens? * How Should Payments Made to Nonresident Aliens Be Treated With Respect to Tax Withholding? * When Is Tax Withholding Not Required? * When Is Tax Withholding Required? * When Is a Nonresident Alien Subject to FICA Tax? * How Should Payments to Nonresident Aliens Be Reported? * Other Issues Related to Nonresident Aliens

Chapter 700: Limitations on Lobbying and Political Activity, by Celia Roady, Morgan Lewis & Bockius, LLP, Washington, DC

Restrictions on Lobbying Activities Under IRC §501(c)(3) * Lobbying Disclosure Act of 1995 * Restrictions on Political Activities and Prohibition on Participation in Political Campaigns Under IRC §501(c)(3) * Enforcement and Tax Penalties for Impermissible Political Expenditures * Additional Tax Penalties for Political Activity Expenditures * Lobbying Disclosure Act Guidance * IRS Form LD-1: Lobbying Registration * IRS Form LD-2: Lobbying Report

Chapter 900: Payroll and Employment Tax Issues

College and University Employment Tax Responsibilities * Withholding * The Worker Classification Controversy - Employee vs. Independent Contractor

Chapter 1000: Deferred Compensation, by Greg Needles & Boyd Brown, Morgan, Lewis, Bockius LLP, Washington, DC

Qualified Plans Under IRC §401(a) * Tax-Deferred Annuities under IRC §403(b) * Eligible Deferred Compensation Plans Under IRC §457(b) * Ineligible Deferred Compensation Plans Under IRC §457(f) * Split-Dollar Life Insurance * Severance Pay Plans and Other Arrangements * Reporting and Disclosure Requirements * Fiduciary Considerations Under ERISA and the IRC

Chapter 1100: Scholarships, Fellowships and Grants, by Diane Cornwall and Mary Rauschenberg

Qualified Scholarships * Limitation - Compensation for Services * Hope Credit and Lifetime Learning Credit and the Qualified Scholarship * Reporting and Recordkeeping Requirements

Chapter 1200: Intellectual Property Issues, by Suzanne Ross McDowell, Steptoe & Johnson LLP, Washington, DC

Types of Intellectual Property * Tax-Exempt Status * Unrelated Trade or Business Income * Tax-Exempt Bond Issues * Joint Ventures * Charitable Contributions of Intellectual Property

Chapter 1300: Fringe Benefits Issues, by Marianna Dyson, Baker & MacKenzie, Washington, DC

An Approach to Analyzing Fringe Benefits * No-Additional-Cost Services and Qualified Employee Discounts * Working Condition Fringe Benefits * 'De Minimis' Fringe Benefits * Qualified Moving Expense Reimbursements * Employer-Provided Cafeterias * Employer-Provided Cars * Flights on University-Owned or -Leased Aircraft * Gifts, 'Free Stuff,' and Employee Achievement Awards * Lodging Provided for the Convenience of the Employer * Employee Business Expense Reimbursement Arrangements * Educational Assistance * Special Reporting and Withholding Rules * Potential Penalties for Form W-2 Errors

Chapter 1500: Rules Applicable to Tax-Exempt Bonds, by Laura Kalick, consultant, Chevy Chase, MD; and Richard Newman, Arent, Fox, Plotner & Kahn, LLP, Washington, DC

The Players * Technical Rules * Arbitrage * Rebate * Private Use * IRS Role in Tax-Exempt Bonds * Bond Documents

Chapter 1700: Charitable Contributions, by Donald L. Herskovitz, Deloitte & Touche LLP, Washington, DC

Income, Gift & Estate Tax Deductions * Charitable Contribution Requirements * Types of Contributions * Contributing Interests in Property * Valuation Issues * Qualifying Donees * Percentage Limitations * Reporting and Return Requirements * Planning Considerations

Chapter 1800: Joint Ventures, by Michael I. Sanders, Powell, Goldstein LLP, Washington, DC

Colleges and Universities as General Partners * Ancillary Joint Ventures * Exempt Organizations as Limited Partners or LLC Nonmanaging Member * Joint Ventures Between Exempt Organizations * Specific Examples of Joint Ventures

Chapter 1900: Taxable Subsidiaries, by Laura Kalick

Reasons for Establishing a New Entity * Choice of Entity * Special Rules Related to C Corporations * Compensation Choices * Allocation Income amd Deductions Among Taxpayers: IRC §482 * Joint Ventures * Excess Benefit Transactions * Valuation

Chapter 2100: The Hope Credit and Lifetime Learning Credit,
by Catherine Livingston, formerly with Caplin & Drysdale, Washington, DC

Eligibility for the Hope Scholarship and Lifetime Learning Credits * Qualified Tuition and Related Expenses * Calculating the Amount of the Credit * Reporting Responsibilities for Colleges and Universities * IRS Forms and Publications

Chapter 2300: Student Loan Interest Deductions

Background of the Section 221 Deduction * The Student Loan Interest Deduction * Information Reporting Requirements * Canceled Student Loans

Chapter 2400: Section 529 Tuition Plans, by Adrian Murchower, Tomar Inbar, Morgan Lewis & Bockius, LLP, Washington, DC

Types of Programs * Section 529 Plan Requirements * Federal and State Tax Considerations * Sunset Provisions

Chapter 2500: Preparing For and Managing an IRS Audit,
by Michael Glomb, Feldesman Tucker Leifer Fidel LLP, Washington, DC

Types of IRS Audits * What Records to Expect the IRS to Request * Organizational Structure * Preparation for an IRS Audit * Administrative Assistance for the IRS Auditor * Resolving Audit Issues * Post-Audit Procedures * Audit Preparation Checklist

Chapter 2700: Forms And Instructions For Filing IRS Forms 990 and 990-T, by Richard Locastro, KPMG, Washington, DC

The Filing Requirements: Who Must File and What Must Be Filed * Due Dates * Preparing Forms 990 and 990-T * Filing Instructions: Form 990 and Schedules A and B * Filing Instructions: Form 990-T - Unrelated Business Income Tax * Form 8868, Application for Extension of Time to File an Exempt Organization Return * Public Disclosure of Requirements * Utopia University: Sample Form 990 and Form 990-T with Supporting Schedules, Worksheets, and Statements

 

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