In 2008, the IRS conducted a survey of colleges and universities in a number of areas including executive compensation and unrelated business income. About 400 organizations received the survey. Based on the questionnaire responses, the IRS decided to open further investigations into 34 of the surveyed colleges and universities. The results were shocking. A large …
Posts Tagged: Unrelated business taxable income
New IRS Guide for Tax-Exempt Organizations Considering Gaming Activities
Silent Auction? Opportunity Drawing? Raffle? Casino Night? All of these are viable fundraising events for nonprofits and also considered to be gaming activities (i.e., gambling). In order for tax-exempt organizations to make sure they are compliant with the rules regarding such activities, the IRS has published a new guide at http://bit.ly/lfnp11. The publication addresses the …