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VP-Do-you-know

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					           QUESTIONS FOR EVERY CFO AT
           COLLEGES AND UNIVERSITIES
The IRS is the largest vendor of your university. Is your university paying the IRS correctly?

Many universities literally files over 100K Forms with the IRS each year – Do you know who oversees
all of these different forms? Are they all being filed correctly and timely to avoid penalties and
interest?

Review these questions to build a good audit defense. It all starts with you.



        Is an annual UBIT questionnaire/survey of the departments?

        How does your university identify new areas of sales tax?

        Do you have a Tax Calendar with dates and name of responsible persons for all tax filings

        Do you have an annual review process for tax policies?

        Are you advised of all correspondence from the IRS?

        Is there a Tax Committee that meets quarterly?

        Do you know who prepares and signs the IRS Employment Tax form?

        Do you know who makes payments to the IRS for the university and if they are done timely?

        Are you advised of all correspondence from the IRS?

        What training is made available to the Tax Manager to stay current?

        Do you know if your foreign students are having tax withheld correctly?

        Do you know what Research Activities might foster tax for the university?

        Do you know the other states your university might have a tax filing requirement?

        Does the Athletics Department create taxable income for the university?

        Do you know which political activities you can and cannot perform?

        Do you know the tax rules for Tuition Waivers provided to GA’s


The Tax Translator – Steve Hoffman
732.853.4721
Steve@TheTaxTranslator.com

				
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