Higher Education Tax Briefs: Key Developments to Be Aware Of
The 2015 Higher Education Tax Reporting Trends Project takes a look at several interesting and important higher education tax developments.print
- Insight on unrelated business income tax (UBIT) and real estate investments made by colleges, universities, and seminaries – A private university purchased a shopping mall, and the IRS ruled that the rental income and income from services provided to renters were not unrelated business income (UBI) and therefore not subject to tax.
- Form 990 Schedule A changes – The IRS has added two parts and three pages to Schedule A (Form 990), Public Charity Status and Public Support.
- IRS penalty notices related to Form 1098-T, Tuition Statement – Many schools have been receiving penalty notices regarding omitted taxpayer identification numbers (TINs) on Form 1098-T. We provide resources and best practices related to this.
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