30, 2013: The Internal Revenue Service (IRS) has released its final report summarizing the audit results from its United States colleges and universities compliance study, which began in 2008 and describes the agency’s multi year project on that major segment of tax exempt organizations. “The audits identified some significant compliance issues at the colleges and universities examined,” said Lois Lerner, Director, Exempt Organizations division. “Because these issues may well be present elsewhere across the tax exempt sector, all exempt organizations need to be aware of the importance of accurately reporting unrelated business income and providing appropriate executive compensation.”.
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