Goin' Fishin' with the IRS

On January 29, 2009, McGuireWoods lawyers Robert Gordon Chambers, Michele A. W. McKinnon, J. Michael Wilson and Brian C. Bernhardt headed a panel discussion of the issues raised by the IRS Compliance Questionnaire for Colleges and Universities, including:

• Understanding the scope and detail of the questionnaire, each of its parts, and each of the questions.
• Understanding the importance of consistency, both internal to questionnaire answers and external to other documents.
• Using an Addendum to provide further explanation where appropriate.
• Knowing that answers on the questionnaire will serve as the basis for future examinations throughout the industry, not only with respect to the responding institutions.
• Taking advantage of the questionnaire to institute, or review the application of, best practices.

Audio download: MP3 (5mb)

For your reference please see our Jan. 21, 2009 Compensation for Tax-Exempt Organizations news item on this topic. You can also access online copies of the sample Compliance Questionnaire for Colleges and Universities and the instructions.