June 29, 2007

IRS Releases New Draft of Tax Return for Nonprofit Colleges

By GRANT WILLIAMS

The U.S. Internal Revenue Service has released a draft revision of its Form 990 tax return, the primary tax document that charities and other tax-exempt organizations, including nonprofit colleges, file each year with the government. Lawmakers, representatives of nonprofit groups, and others will debate the draft over the next few months.

The draft revision comes amid increasing scrutiny from members of the Senate Finance Committee and others about the tax-exempt status of college

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