Colleges Need More Guidance on a Tax on Business Income, IRS Panel Says

Following audits by the Internal Revenue Service that revealed 34 colleges had underpaid their federal taxes, members of an IRS advisory committee are calling for more education and outreach on "unrelated business taxable income."

That’s just one in a series of recommendations in a lengthy report released by the committee on Wednesday that panel members believe will help tax-exempt organizations, including nonprofit colleges and universities, better comply with IRS