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Tax Advisory
Anne Jetmundsen and Michelle Verdisco – Tax Advisors
Initiation & Performance of Tax Service Projects
Online USF Tax Information:
Links below provide direct access to information stored in USF’s online COMPASS business procedures. Information in COMPASS can also be accessed via the following link:
COMPASS - Find USF Business Processes
(Click on "Find Business Processes", select "Accounting/Auditing/Budgeting" and "Tax Issues" under "Process Category" and click on "Search. You may also type in a particular term you are searching for in “search text” such as “sales tax, UBI or scholarships.)
1) Payments to Individuals:
Payments to individuals may be processed via Financial Aid, Purchasing/Accounts Payable, Travel, or Payroll. Processing will depend on the nature of the payment and the relationship between USF and the recipient. Additional information regarding specific payment categories is provided via the link above.
2) Sales Tax:
In general, revenue from the sale of tangible personal property or lease of tangible and real property is subject to Florida sales tax. The Tax Department is available to review revenues collected by the university to determine if transaction is subject to state and local sales taxes. Additional information regarding specific transactions and specific exemptions is provided via the link above.
3) Unrelated Business Income Tax (UBIT):
Revenue generating activities not directly related to USF's exempt purposes of teaching, research or public service may be subject to federal unrelated business income tax (UBIT). Congress imposed UBIT on exempt organizations to eliminate a source of unfair competition by placing tax exempt organizations on the same basis as nonexempt organizations with which they compete. Thus, when USF earns revenue from a trade or business, regularly carried on, that is not related to USF’s mission it may result in UBIT. Additional information regarding specific activities that may result in UBIT is provided via the link above.
4) Where to Send IRS Forms 1099 Received by USF:
Tax Advisory Services must review all IRS Forms 1099 received by USF each year. Immediately upon receipt university departments must forward all IRS Forms 1099 to Tax Advisory Services (ADM 147), with a contact name/phone number, brief note describing the activity that generated the revenue and account number in which the revenue was deposited.
5) Bank Accounts (Foreign and Domestic) –
USF departments may not open any bank account (domestic or foreign) without approval from the University Controller’s Office and Finance/ Budget Management Council. There are tax considerations related to all bank accounts.
· Filing Requirements (foreign bank accounts)
· University Funds (foreign bank accounts)
· Personal Funds (foreign bank accounts)
6) Telecommunication Tax Exemption for USF
7) USF Exempt Status pursuant to IRC Sec. 115
8) Tax Exempt Bonds –
The U.S. Tax Code provides rules and regulations regarding property financed with tax exempt bonds. Universities must manage both arbitrage and private use associated with tax exempt bonds. Adequate records supporting private use of tax-exempt bond financed facilities must be maintained. Contact Fell Stubbs, fstubbs@admin.usf.edu or 813-974-3298 for additional information.
9) Communications Service Tax (CST) –
Telecommunication service revenue received from non-exempt organizations or individuals may be subject to CST. Contact Tim Hamilton, Assistant Controller at 813-974-7686 for additional information.
Location: Tampa Campus
Hours: 8:00 a.m. – 5:00 p.m.
Address: University Controller’s Office
University of South Florida
4202 E. Fowler Ave., ADM 147
Tampa, FL 33620
FAX: 813-974-4485 |