April 26, 2013
34 Colleges Underpaid Federal Taxes by $90-Million, IRS Says
Thirty-four colleges audited recently by the Internal Revenue Service underpaid their taxes on unrelated business income by nearly $90-million, and nearly 20 percent of the private colleges in the group violated rules for nonprofit organizations in determining the compensation of their chief executives, according to a final report issued on Thursday by the federal agency.
The audits followed up on a
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