In the last two weeks, both the IRS and Congressional officials announced major milestones in the increasing regulatory focus on colleges and universities.
First, the IRS emphasized misreported taxable income and employee compensation in its Final Report from the IRS Colleges and Universities Compliance Project, released on April 25, 2013 (the “Final Report”).
Chairman Charles W. Boustany, Jr. (the “Chairman”), of the Subcommittee on Oversight of the Committee on Ways and Means (the “Subcomittee”), then announced that the Subcommittee would hold a hearing on the Final Report on Wednesday, May 8, 2013. In his comments announcing the hearings, the Chairman expressed great concern about alarming widespread noncompliance suggested by the Final Report.
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