A Guide to FEDERAL TAX ISSUES for Colleges and Universities

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ISBN: 0-929156-71-4   Annual Subscription Includes: Looseleaf volume and/or searchable CD Quarterly updates (print and/or CD) Monthly print newsletters Annual Subscription Price: Print OR CD versions NACUBO Member: $447 Non-Member: $557 Print AND CD versions NACUBO Member: $575 Non-Member: $675 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.

• 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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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