The House Ways and Means Oversight Subcommittee held a hearing Wednesday to examine the causes for the widespread noncompliance found in a recent audit of tax-exempt colleges and universities by the Internal Revenue Service.
The IRS released a long-awaited final report last month from its Colleges and Universities Compliance Project, which found increases to taxable income from unrelated business for 90 percent of the colleges and universities examined, totaling about $90 million (see IRS Finds Problems with Income Reporting at Colleges and Universities). There were over 180 changes to the amounts of unrelated business taxable income reported by colleges and universities on Form 990-T; and the IRS disallowed more than $170 million in losses and net operating losses potentially amounting to more than $60 million in assessed taxes.
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