Update: IRS Issues Report on Colleges and Universities Compliance Project

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Higher education institutions and other non-profit organizations can use the results of this project as an educational tool to be more aware of what the IRS will be looking at in the future. The report focuses primarily on two areas: underreporting of unrelated business taxable income and compensation practices of the selected organizations.

Any accounting, business, or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough analysis of specific issues, nor a substitute for a formal opinion, nor was it written to be used to avoid tax related penalties.