Taxation for Universities and Colleges: Six Steps to a Successful Tax Compliance Program -- Contents -- Preface -- Acknowledgments -- About the Author -- 1 Awareness -- Defining Tax Exempt -- The Six Steps of Tax Compliance -- The Five Things You Need to Do First -- Task 1: Look at Management -- Task 2: Assess the Current State of Your Tax Compliance Program -- Task 3: Develop a Team Approach -- Getting a Hold on the Process -- The IRS Is Paying Attention -- Why You Should Care -- Task 4: Assess Your Risk -- Task 5: Review IRS Communications -- Open Them! -- Statistics on Tax Staff -- The Different Kinds of Tax -- Employment Tax: The First Tax to Know about Because It's the Largest One for Your University -- Unrelated Business Income Tax (UBIT): Not a Distant Cousin Tax but a Close Relative to You Tax -- Sales Tax: It Is Close to Home -- Excise, or Exercise-Your-Checkbook Tax -- Borrowed Money Can Mean Tax, Too -- Overseas (International) Tax -- In Summary: Build Your Village -- 2 Identification -- Steps in Identifying Your Needs -- Independent Contractors -- Unrelated Business Income Tax (And What Does Macaroni Have to Do With It?) -- UBIT Applies to All and Can Be Necessary -- It's Okay to Have Unrelated Business Income -- The IRS Cares about UBIT -- The Three Tests for UBIT -- The Trade, or Business, Test -- Regularly Carried on Test -- The Not Substantially Related Test -- Advertising Is Always Subject to UBIT -- Things You Generally Don't Have to Worry About: Common Exceptions to UBIT -- Convenience Exception -- Go Ahead, Ask Around: The UBIT Questionnaire on Campus -- Allowable Deductions from UBIT -- Allocating Expenses: The IRS Hasn't Clarified -- Unrelated Debt-Financed Income: Got a Bonded Building? -- Research as UBIT -- Foreign Students: The IRS Calls Them Nonresident Aliens -- Sales Tax.

Identifying Sales Tax Savings in Other States -- Employment Tax and Fringe Benefits -- Excise Tax -- Overseas and International Tax -- In Summary -- 3 Compliance -- Policies -- Enforcing Policies -- Give Them the Right Tools for the Job -- Centralize the Tax Responsibilities -- Keep Tax at the Forefront of Your Mind -- Fringe Benefits -- No Additional Cost Services -- Qualified Employee Discounts -- Working Condition Fringes -- De Minimis Fringes -- Qualified Transportation Fringes -- Examples of Common Fringe Benefits -- University-Owned Automobiles -- University-Owned Airplanes -- Professional Dues, Publications, and Meetings -- Travel and Entertainment Expense Reimbursements -- Supper Money and Taxi Fares -- Gifts and Awards -- Athletic Facilities -- Spousal Travel -- Free or Discounted Theater or Athletic Tickets -- Club Memberships -- Domestic Partners -- Leave Donation or Sharing Programs -- Cell Phones -- In Summary -- 4 Reporting -- Questions About Reporting Tax Obligations, Answered -- When are the Tax Deposits and Tax Forms Due? -- Who Is Preparing the Tax Forms? -- How Do You Know They Are Done? -- How Do You Learn about Lapses of Reporting? -- When Reporting Begins -- Payments to Human Research Subjects -- Getting People Used to Thinking About Taxes -- The Tax Calendar -- In Summary -- 5 Monitoring -- Policies And Procedures -- Consistency and Ease of Use -- Provide Multiple Paths to Information -- Simulated Audit -- Your Tax Manager Position -- In Summary -- 6 Tax Nirvana -- The Land of "ahh . . . " -- You Can Finally Rest -- Passing the Baton to You -- The Tax Pyramid Compliance Program Steps, Simplified -- Awareness Simplified -- Identification Simplified -- Compliance Simplified -- Monitoring Simplified -- Reporting Simplified -- Tax Nirvana Simplified -- In Summary -- 7 Your Audit Defense -- Building An Audit Defense.

Setting the Tone -- Types of Audits -- Before the Audit -- During the Audit -- After an Audit -- You Don't Have to Go It Alone -- Hire a Tax Manager -- Centralize All Tax Reporting Functions to the Extent You Can -- Monitor and Control Tax Compliance at Your University -- Getting Your Bearings -- Concluding Remarks -- Appendix -- What a VP Wants from a Tax Manager -- A Knowledgeable Tax Staff That Understands Laws and Regulations as They Apply to Higher Education -- A Tax Staff That Understands They Work for the University, Not the IRS -- A Tax Staff with a Calm Approach -- A Tax Staff That Solves Problems Creatively -- A Tax Staff with Personal Detachment -- A Tax Staff Willing to Work with Others to Achieve Reasonable Results in a Tax Issue -- A Tax Staff Willing to Accept Risk -- A Tax Staff That Knows the CEO/CFO Is in Charge -- A Tax Translator Guide to UBIT Determination -- UBIT Compliance Checklist -- Unrelated Business Income -- Description of Activity -- General -- Advertising and Sponsorship -- Services -- Products -- Rental Arrangements -- Rental of Property -- Foreign Activities -- Foreign Accounts -- Foreign Offices -- Foreign Grants -- Foreign Employees -- Investments in Foreign Entities -- Other State Activities -- Commercially Sponsored Research -- Partnerships and Joint Ventures -- Activities/Expenditures -- Political -- Definition -- Lobbying -- Definition -- University of Central Florida UBIT Questionnaire -- University of Notre Dame UBIT Questionnaire -- Index.