{"product_id":"taxation-for-universities-and-colleges-9781118541524","title":"Taxation for Universities and Colleges","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e\u003cb\u003eThe Tax Translator offers much needed advice and guidance on tax compliance for institutions of higher learning\u003c\/b\u003e  \u003cp\u003eCollege 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 compliancefrom 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.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eSatisfies the urgent demand for timely, authoritative advice and guidance on a area of increasing concern for colleges and universities\u003c\/li\u003e \u003cli\u003eSheds new light on the im\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e\u003cp\u003e\u003cb\u003ePreface xiii\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAcknowledgments xxi\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAbout the Author xxiii\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e1 Awareness 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDefining Tax Exempt 1\u003c\/p\u003e \u003cp\u003eThe Six Steps of Tax Compliance 2\u003c\/p\u003e \u003cp\u003eThe Five Things You Need to Do First 4\u003c\/p\u003e \u003cp\u003eTask 1: Look at Management 4\u003c\/p\u003e \u003cp\u003eTask 2: Assess the Current State of Your Tax Compliance Program 5\u003c\/p\u003e \u003cp\u003eTask 3: Develop a Team Approach 7\u003c\/p\u003e \u003cp\u003eGetting a Hold on the Process 7\u003c\/p\u003e \u003cp\u003eThe IRS Is Paying Attention 9\u003c\/p\u003e \u003cp\u003eWhy You Should Care 12\u003c\/p\u003e \u003cp\u003eTask 4: Assess Your Risk 13\u003c\/p\u003e \u003cp\u003eTask 5: Review IRS Communications 17\u003c\/p\u003e \u003cp\u003eOpen Them! 17\u003c\/p\u003e \u003cp\u003eStatistics on Tax Staff 19\u003c\/p\u003e \u003cp\u003eThe Different Kinds of Tax 20\u003c\/p\u003e \u003cp\u003eEmployment Tax: The First Tax to Know about Because It’s the Largest One for Your University 20\u003c\/p\u003e \u003cp\u003eUnrelated Business Income Tax (UBIT): Not a Distant Cousin Tax but a Close Relative to You Tax 21\u003c\/p\u003e \u003cp\u003eSales Tax: It Is Close to Home 21\u003c\/p\u003e \u003cp\u003eExcise, or Exercise-Your-Checkbook Tax 22\u003c\/p\u003e \u003cp\u003eBorrowed Money Can Mean Tax, Too 22\u003c\/p\u003e \u003cp\u003eOverseas (International) Tax 22\u003c\/p\u003e \u003cp\u003eIn Summary: Build Your Village 24\u003c\/p\u003e \u003cp\u003e\u003cb\u003e2 Identification 25\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSteps in Identifying Your Needs 26\u003c\/p\u003e \u003cp\u003eIndependent Contractors 27\u003c\/p\u003e \u003cp\u003eUnrelated Business Income Tax (And What Does Macaroni Have to Do With It?) 30\u003c\/p\u003e \u003cp\u003eUBIT Applies to All and Can Be Necessary 31\u003c\/p\u003e \u003cp\u003eIt’s Okay to Have Unrelated Business Income 32\u003c\/p\u003e \u003cp\u003eThe IRS Cares about UBIT 32\u003c\/p\u003e \u003cp\u003eThe Three Tests for UBIT 34\u003c\/p\u003e \u003cp\u003eThe Trade, or Business, Test 35\u003c\/p\u003e \u003cp\u003eRegularly Carried on Test 36\u003c\/p\u003e \u003cp\u003eThe Not Substantially Related Test 37\u003c\/p\u003e \u003cp\u003eAdvertising Is Always Subject to UBIT 40\u003c\/p\u003e \u003cp\u003eThings You Generally Don’t Have to Worry About: Common Exceptions to UBIT 40\u003c\/p\u003e \u003cp\u003eConvenience Exception 41\u003c\/p\u003e \u003cp\u003eGo Ahead, Ask Around: The UBIT Questionnaire on Campus 41\u003c\/p\u003e \u003cp\u003eAllowable Deductions from UBIT 43\u003c\/p\u003e \u003cp\u003eAllocating Expenses: The IRS Hasn’t Clarified 43\u003c\/p\u003e \u003cp\u003eUnrelated Debt-Financed Income: Got a Bonded Building? 45\u003c\/p\u003e \u003cp\u003eResearch as UBIT 45\u003c\/p\u003e \u003cp\u003eForeign Students: The IRS Calls Them Nonresident Aliens 46\u003c\/p\u003e \u003cp\u003eSales Tax 48\u003c\/p\u003e \u003cp\u003eIdentifying Sales Tax Savings in Other States 50\u003c\/p\u003e \u003cp\u003eEmployment Tax and Fringe Benefits 50\u003c\/p\u003e \u003cp\u003eExcise Tax 52\u003c\/p\u003e \u003cp\u003eOverseas and International Tax 53\u003c\/p\u003e \u003cp\u003eIn Summary 54\u003c\/p\u003e \u003cp\u003e\u003cb\u003e3 Compliance 55\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePolicies 56\u003c\/p\u003e \u003cp\u003eEnforcing Policies 58\u003c\/p\u003e \u003cp\u003eGive Them the Right Tools for the Job 60\u003c\/p\u003e \u003cp\u003eCentralize the Tax Responsibilities 63\u003c\/p\u003e \u003cp\u003eKeep Tax at the Forefront of Your Mind 64\u003c\/p\u003e \u003cp\u003eFringe Benefits 67\u003c\/p\u003e \u003cp\u003eNo Additional Cost Services 68\u003c\/p\u003e \u003cp\u003eQualified Employee Discounts 69\u003c\/p\u003e \u003cp\u003eWorking Condition Fringes 69\u003c\/p\u003e \u003cp\u003eDe Minimis Fringes 70\u003c\/p\u003e \u003cp\u003eQualified Transportation Fringes 71\u003c\/p\u003e \u003cp\u003eExamples of Common Fringe Benefits 72\u003c\/p\u003e \u003cp\u003eUniversity-Owned Automobiles 72\u003c\/p\u003e \u003cp\u003eUniversity-Owned Airplanes 73\u003c\/p\u003e \u003cp\u003eProfessional Dues, Publications, and Meetings 73\u003c\/p\u003e \u003cp\u003eTravel and Entertainment Expense Reimbursements 73\u003c\/p\u003e \u003cp\u003eSupper Money and Taxi Fares 74\u003c\/p\u003e \u003cp\u003eGifts and Awards 74\u003c\/p\u003e \u003cp\u003eAthletic Facilities 74\u003c\/p\u003e \u003cp\u003eSpousal Travel 75\u003c\/p\u003e \u003cp\u003eFree or Discounted Theater or Athletic Tickets 75\u003c\/p\u003e \u003cp\u003eClub Memberships 76\u003c\/p\u003e \u003cp\u003eDomestic Partners 77\u003c\/p\u003e \u003cp\u003eLeave Donation or Sharing Programs 77\u003c\/p\u003e \u003cp\u003eCell Phones 77\u003c\/p\u003e \u003cp\u003eIn Summary 78\u003c\/p\u003e \u003cp\u003e\u003cb\u003e4 Reporting 81\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eQuestions About Reporting Tax Obligations, Answered 81\u003c\/p\u003e \u003cp\u003eWhen are the Tax Deposits and Tax Forms Due? 82\u003c\/p\u003e \u003cp\u003eWho Is Preparing the Tax Forms? 82\u003c\/p\u003e \u003cp\u003eHow Do You Know They Are Done? 83\u003c\/p\u003e \u003cp\u003eHow Do You Learn about Lapses of Reporting? 83\u003c\/p\u003e \u003cp\u003eWhen Reporting Begins 84\u003c\/p\u003e \u003cp\u003ePayments to Human Research Subjects 85\u003c\/p\u003e \u003cp\u003eGetting People Used to Thinking About Taxes 86\u003c\/p\u003e \u003cp\u003eThe Tax Calendar 87\u003c\/p\u003e \u003cp\u003eIn Summary 89\u003c\/p\u003e \u003cp\u003e\u003cb\u003e5 Monitoring 91\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePolicies And Procedures 92\u003c\/p\u003e \u003cp\u003eConsistency and Ease of Use 93\u003c\/p\u003e \u003cp\u003eProvide Multiple Paths to Information 94\u003c\/p\u003e \u003cp\u003eSimulated Audit 98\u003c\/p\u003e \u003cp\u003eYour Tax Manager Position 99\u003c\/p\u003e \u003cp\u003eIn Summary 100\u003c\/p\u003e \u003cp\u003e\u003cb\u003e6 Tax Nirvana 103\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Land of “ahh . . . ” 103\u003c\/p\u003e \u003cp\u003eYou Can Finally Rest 104\u003c\/p\u003e \u003cp\u003ePassing the Baton to You 105\u003c\/p\u003e \u003cp\u003eThe Tax Pyramid Compliance Program Steps, Simplified 106\u003c\/p\u003e \u003cp\u003eAwareness Simplified 107\u003c\/p\u003e \u003cp\u003eIdentification Simplified 107\u003c\/p\u003e \u003cp\u003eCompliance Simplified 108\u003c\/p\u003e \u003cp\u003eMonitoring Simplified 108\u003c\/p\u003e \u003cp\u003eReporting Simplified 108\u003c\/p\u003e \u003cp\u003eTax Nirvana Simplified 108\u003c\/p\u003e \u003cp\u003eIn Summary 109\u003c\/p\u003e \u003cp\u003e\u003cb\u003e7 Your Audit Defense 111\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBuilding An Audit Defense 111\u003c\/p\u003e \u003cp\u003eSetting the Tone 112\u003c\/p\u003e \u003cp\u003eTypes of Audits 114\u003c\/p\u003e \u003cp\u003eBefore the Audit 115\u003c\/p\u003e \u003cp\u003eDuring the Audit 116\u003c\/p\u003e \u003cp\u003eAfter an Audit 122\u003c\/p\u003e \u003cp\u003eYou Don’t Have to Go It Alone 125\u003c\/p\u003e \u003cp\u003eHire a Tax Manager 125\u003c\/p\u003e \u003cp\u003eCentralize All Tax Reporting Functions to the Extent You Can 125\u003c\/p\u003e \u003cp\u003eMonitor and Control Tax Compliance at Your University 126\u003c\/p\u003e \u003cp\u003eGetting Your Bearings 126\u003c\/p\u003e \u003cp\u003eConcluding Remarks 129\u003c\/p\u003e \u003cp\u003eAppendix 131\u003c\/p\u003e \u003cp\u003eWhat a VP Wants from a Tax Manager 131\u003c\/p\u003e \u003cp\u003eA Knowledgeable Tax Staff That Understands Laws and Regulations as They Apply to Higher Education 132\u003c\/p\u003e \u003cp\u003eA Tax Staff That Understands They Work for the University, Not the IRS 132\u003c\/p\u003e \u003cp\u003eA Tax Staff with a Calm Approach 133\u003c\/p\u003e \u003cp\u003eA Tax Staff That Solves Problems Creatively 133\u003c\/p\u003e \u003cp\u003eA Tax Staff with Personal Detachment 134\u003c\/p\u003e \u003cp\u003eA Tax Staff Willing to Work with Others to Achieve Reasonable Results in a Tax Issue 134\u003c\/p\u003e \u003cp\u003eA Tax Staff Willing to Accept Risk 135\u003c\/p\u003e \u003cp\u003eA Tax Staff That Knows the CEO\/CFO Is in Charge 135\u003c\/p\u003e \u003cp\u003eA Tax Translator Guide to UBIT Determination 137\u003c\/p\u003e \u003cp\u003eUBIT Compliance Checklist 160\u003c\/p\u003e \u003cp\u003eUnrelated Business Income 160\u003c\/p\u003e \u003cp\u003eDescription of Activity 162\u003c\/p\u003e \u003cp\u003eGeneral 162\u003c\/p\u003e \u003cp\u003eAdvertising and Sponsorship 163\u003c\/p\u003e \u003cp\u003eServices 164\u003c\/p\u003e \u003cp\u003eProducts 165\u003c\/p\u003e \u003cp\u003eRental Arrangements 165\u003c\/p\u003e \u003cp\u003eRental of Property 165\u003c\/p\u003e \u003cp\u003eForeign Activities 166\u003c\/p\u003e \u003cp\u003eForeign Accounts 166\u003c\/p\u003e \u003cp\u003eForeign Offices 167\u003c\/p\u003e \u003cp\u003eForeign Grants 167\u003c\/p\u003e \u003cp\u003eForeign Employees 167\u003c\/p\u003e \u003cp\u003eInvestments in Foreign Entities 168\u003c\/p\u003e \u003cp\u003eOther State Activities 168\u003c\/p\u003e \u003cp\u003eCommercially Sponsored Research 168\u003c\/p\u003e \u003cp\u003ePartnerships and Joint Ventures 169\u003c\/p\u003e \u003cp\u003eActivities\/Expenditures 169\u003c\/p\u003e \u003cp\u003ePolitical 169\u003c\/p\u003e \u003cp\u003eDefinition 169\u003c\/p\u003e \u003cp\u003eLobbying 169\u003c\/p\u003e \u003cp\u003eDefinition 170\u003c\/p\u003e \u003cp\u003eUniversity of Central Florida UBIT Questionnaire 172\u003c\/p\u003e \u003cp\u003eUniversity of Notre Dame UBIT Questionnaire 175\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIndex 177\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cbr\u003e  \u003c\/p\u003e\n\u003c\/li\u003e\n\u003c\/ul\u003e","brand":"John Wiley \u0026 Sons Inc","offers":[{"title":"Default Title","offer_id":49406886838615,"sku":"9781118541524","price":60.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9781118541524.jpg?v=1730497450","url":"https:\/\/bookcurl.com\/products\/taxation-for-universities-and-colleges-9781118541524","provider":"Book Curl","version":"1.0","type":"link"}