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Taxation for Universities and Colleges: Six Steps to a Successful Tax Compliance Program

Book Description

The "Tax Translator" offers much needed advice and guidance on tax compliance for institutions of higher learning

College 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 universities

  • Sheds new light on the impact of current tax obligations for both four-year and community colleges, which are often left out of the discussion

  • The Federal Government has recently stepped up its enforcement of tax law compliance for colleges and universities

  • Table of Contents

    1. Cover
    2. Title Page
    3. Copyright
    4. Dedication
    5. Preface
    6. Acknowledgments
    7. About the Author
    8. Chapter One: Awareness
      1. Defining Tax Exempt
      2. The Six Steps of Tax Compliance
      3. The Five Things You Need to Do First
      4. The Different Kinds of Tax
      5. In Summary: Build Your Village
    9. Chapter Two: Identification
      1. Steps in Identifying Your Needs
      2. Independent Contractors
      3. Unrelated Business Income Tax (And What Does Macaroni Have to Do With It?)
      4. The Three Tests for Ubit
      5. Advertising Is Always Subject to UBIT
      6. Things You Generally Don't Have to Worry About: Common Exceptions to UBIT
      7. Go Ahead, Ask Around: The UBIT Questionnaire on Campus
      8. Allowable Deductions from Ubit
      9. Allocating Expenses: The IRS Hasn't Clarified
      10. Sales Tax
      11. Employment Tax and Fringe Benefits
      12. Excise Tax
      13. Overseas And International Tax
      14. In Summary
    10. Chapter Three: Compliance
      1. Policies
      2. Give Them the Right Tools for the Job
      3. Centralize the Tax Responsibilities
      4. Keep Tax at the Forefront of Your Mind
      5. Fringe Benefits
      6. Examples of Common Fringe Benefits
      7. In Summary
    11. Chapter Four: Reporting
      1. Questions about Reporting Tax Obligations, Answered
      2. When Reporting Begins
      3. Payments to Human Research Subjects
      4. Getting People Used to Thinking about Taxes
      5. The Tax Calendar
      6. In Summary
    12. Chapter Five: Monitoring
      1. Policies and Procedures
      2. Simulated Audit
      3. Your Tax Manager Position
      4. In Summary
    13. Chapter Six: Tax Nirvana
      1. The Land of “Ahh…”
      2. You Can Finally Rest
      3. Passing the Baton to You
      4. The Tax Pyramid Compliance Program Steps, Simplified
      5. In Summary
    14. Chapter Seven: Your Audit Defense
      1. Building an Audit Defense
      2. Setting the Tone
      3. Types of Audits
      4. Before the Audit
      5. During the Audit
      6. After an Audit
      7. You Don't Have to Go It Alone
      8. Getting Your Bearings
      9. Concluding Remarks
    15. Appendix
      1. What a VP Wants From a Tax Manager
      2. A Tax Translator Guide to Ubit Determination
      3. Ubit Compliance Checklist
      4. Unrelated Business Income
      5. Foreign Activities
      6. Other State Activities
      7. Activities/Expenditures
      8. University of Central Florida Ubit Questionnaire
      9. University of Notre Dame Ubit Questionnaire
    16. Index