“It ain't over 'til it's over.”
In this chapter, devoted to reporting, we're continuing with the fourth step in the tax compliance program for your university. Another saying my dad had was, “The job's not over until the cleanup is done, son.” I knew every time he said son it meant I had work to do. And that's what cleanup means for your university, too, as there is work to be done in reporting your tax obligations to the IRS, state, and sometimes local governments. This chapter continues with the fourth step in our tax compliance program for your university: reporting. See Exhibit 4.1.
Questions about Reporting Tax Obligations, Answered
Some of the work you'll need to do in terms of reporting is done at calendar year-end and some is done at fiscal year-end, but there are many other reporting requirements that exist, too. Reporting to the IRS by making deposits of tax and filing forms is a specific form of compliance that is required by the government.
The following paragraphs offer some answers to the key questions you, as a CFO or tax manager, need to know about reporting the tax obligations of your university.
When Are the Tax Deposits and Tax Forms Due?
As we have discussed, there are lots of different tax forms that become due at different times of the year, month, and quarter for your institution. ...