The IRS has another initiative underway to uncover taxpayers who may not have been closely examined before. Bloomberg Business reports that the Internal Revenue Service is reviewing more than 30 major colleges and universities for potential deficiencies in unrelated business income tax (UBIT). The focus of the government’s inquiries is on hotels and other properties which may be generating income subject to UBIT. The Bloomberg article emphasizes Harvard but also notes that Notre Dame, Purdue, the University of Texas at Austin, Texas A&M, the University of North Carolina, and the University of Georgia may also be under review.
Read the article here.