Produktbild: Taxation for Universities and Colleges

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

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Beschreibung

Produktdetails

Einband

Gebundene Ausgabe

Erscheinungsdatum

23.09.2013

Verlag

John Wiley & Sons

Seitenzahl

208

Maße (L/B/H)

23.5/15.7/1.6 cm

Gewicht

464 g

Auflage

1. Auflage

Sprache

Englisch

ISBN

978-1-118-54152-4

Beschreibung

Produktdetails

Einband

Gebundene Ausgabe

Erscheinungsdatum

23.09.2013

Verlag

John Wiley & Sons

Seitenzahl

208

Maße (L/B/H)

23.5/15.7/1.6 cm

Gewicht

464 g

Auflage

1. Auflage

Sprache

Englisch

ISBN

978-1-118-54152-4

Herstelleradresse

Libri GmbH
Europaallee 1
36244 Bad Hersfeld
DE

Email: gpsr@libri.de

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  • Produktbild: Taxation for Universities and Colleges
  • Preface xiii

    Acknowledgments xxi

    About the Author xxiii

    1 Awareness 1

    Defining Tax Exempt 1

    The Six Steps of Tax Compliance 2

    The Five Things You Need to Do First 4

    Task 1: Look at Management 4

    Task 2: Assess the Current State of Your Tax Compliance Program 5

    Task 3: Develop a Team Approach 7

    Getting a Hold on the Process 7

    The IRS Is Paying Attention 9

    Why You Should Care 12

    Task 4: Assess Your Risk 13

    Task 5: Review IRS Communications 17

    Open Them! 17

    Statistics on Tax Staff 19

    The Different Kinds of Tax 20

    Employment Tax: The First Tax to Know about Because It's the Largest One for Your University 20

    Unrelated Business Income Tax (UBIT): Not a Distant Cousin Tax but a Close Relative to You Tax 21

    Sales Tax: It Is Close to Home 21

    Excise, or Exercise-Your-Checkbook Tax 22

    Borrowed Money Can Mean Tax, Too 22

    Overseas (International) Tax 22

    In Summary: Build Your Village 24

    2 Identification 25

    Steps in Identifying Your Needs 26

    Independent Contractors 27

    Unrelated Business Income Tax (And What Does Macaroni Have to Do With It?) 30

    UBIT Applies to All and Can Be Necessary 31

    It's Okay to Have Unrelated Business Income 32

    The IRS Cares about UBIT 32

    The Three Tests for UBIT 34

    The Trade, or Business, Test 35

    Regularly Carried on Test 36

    The Not Substantially Related Test 37

    Advertising Is Always Subject to UBIT 40

    Things You Generally Don't Have to Worry About: Common Exceptions to UBIT 40

    Convenience Exception 41

    Go Ahead, Ask Around: The UBIT Questionnaire on Campus 41

    Allowable Deductions from UBIT 43

    Allocating Expenses: The IRS Hasn't Clarified 43

    Unrelated Debt-Financed Income: Got a Bonded Building? 45

    Research as UBIT 45

    Foreign Students: The IRS Calls Them Nonresident Aliens 46

    Sales Tax 48

    Identifying Sales Tax Savings in Other States 50

    Employment Tax and Fringe Benefits 50

    Excise Tax 52

    Overseas and International Tax 53

    In Summary 54

    3 Compliance 55

    Policies 56

    Enforcing Policies 58

    Give Them the Right Tools for the Job 60

    Centralize the Tax Responsibilities 63

    Keep Tax at the Forefront of Your Mind 64

    Fringe Benefits 67

    No Additional Cost Services 68

    Qualified Employee Discounts 69

    Working Condition Fringes 69

    De Minimis Fringes 70

    Qualified Transportation Fringes 71

    Examples of Common Fringe Benefits 72

    University-Owned Automobiles 72

    University-Owned Airplanes 73

    Professional Dues, Publications, and Meetings 73

    Travel and Entertainment Expense Reimbursements 73

    Supper Money and Taxi Fares 74

    Gifts and Awards 74

    Athletic Facilities 74

    Spousal Travel 75

    Free or Discounted Theater or Athletic Tickets 75

    Club Memberships 76

    Domestic Partners 77

    Leave Donation or Sharing Programs 77

    Cell Phones 77

    In Summary 78

    4 Reporting 81

    Questions About Reporting Tax Obligations, Answered 81

    When are the Tax Deposits and Tax Forms Due? 82

    Who Is Preparing the Tax Forms? 82

    How Do You Know They Are Done? 83

    How Do You Learn about Lapses of Reporting? 83

    When Reporting Begins 84

    Payments to Human Research Subjects 85

    Getting People Used to Thinking About Taxes 86

    The Tax Calendar 87

    In Summary 89

    5 Monitoring 91

    Policies And Procedures 92

    Consistency and Ease of Use 93

    Provide Multiple Paths to Information 94

    Simulated Audit 98

    Your Tax Manager Position 99

    In Summary 100

    6 Tax Nirvana 103

    The Land of "ahh . . . " 103

    You Can Finally Rest 104

    Passing the Baton to You 105

    The Tax Pyramid Compliance Program Steps, Simplified 106

    Awareness Simplified 107

    Identification Simplified 107

    Compliance Simplified 108

    Monitoring Simplified 108

    Reporting Simplified 108

    Tax Nirvana Simplified 108

    In Summary 109

    7 Your Audit Defense 111

    Building An Audit Defense 111

    Setting the Tone 112

    Types of Audits 114

    Before the Audit 115

    During the Audit 116

    After an Audit 122

    You Don't Have to Go It Alone 125

    Hire a Tax Manager 125

    Centralize All Tax Reporting Functions to the Extent You Can 125

    Monitor and Control Tax Compliance at Your University 126

    Getting Your Bearings 126

    Concluding Remarks 129

    Appendix 131

    What a VP Wants from a Tax Manager 131

    A Knowledgeable Tax Staff That Understands Laws and Regulations as They Apply to Higher Education 132

    A Tax Staff That Understands They Work for the University, Not the IRS 132

    A Tax Staff with a Calm Approach 133

    A Tax Staff That Solves Problems Creatively 133

    A Tax Staff with Personal Detachment 134

    A Tax Staff Willing to Work with Others to Achieve Reasonable Results in a Tax Issue 134

    A Tax Staff Willing to Accept Risk 135

    A Tax Staff That Knows the CEO/CFO Is in Charge 135

    A Tax Translator Guide to UBIT Determination 137

    UBIT Compliance Checklist 160

    Unrelated Business Income 160

    Description of Activity 162

    General 162

    Advertising and Sponsorship 163

    Services 164

    Products 165

    Rental Arrangements 165

    Rental of Property 165

    Foreign Activities 166

    Foreign Accounts 166

    Foreign Offices 167

    Foreign Grants 167

    Foreign Employees 167

    Investments in Foreign Entities 168

    Other State Activities 168

    Commercially Sponsored Research 168

    Partnerships and Joint Ventures 169

    Activities/Expenditures 169

    Political 169

    Definition 169

    Lobbying 169

    Definition 170

    University of Central Florida UBIT Questionnaire 172

    University of Notre Dame UBIT Questionnaire 175

    Index 177