The Subcommittee on Oversight of the Committee on Ways and Means, announced that the Subcommittee will hold a hearing on the Internal Revenue Service’s (“IRS”) Colleges and Universities Compliance Project Final Report. The hearing will take place on Wednesday, May 8, 2013, in Room 1100 of the Longworth House Office Building, beginning at 2:00 P.M.
On April 25, 2013, the IRS released the final report of its Colleges and Universities Compliance Project. Based on responses to a questionnaire distributed to over 400 tax-exempt colleges and universities, the IRS audited a sample of 34 colleges and universities identified as at risk for noncompliance. The report focused on compliance rates among colleges and universities in the following areas: (1) unrelated business income tax (“UBIT”), (2) executive compensation, and (3) employment tax issues.