While a tax-exempt school is not required to pay federal income taxes, it may have other types of tax requirements. And in order to maintain tax-exempt status, a not-for-profit independent school must provide transparent governance, financial and operational information to the Internal Revenue Service and the public. In addition to filing an annual information return (Form 990), most independent schools are required to file and pay payroll taxes and other state and local taxes. Some schools may also need to consider unrelated business income and foreign tax reporting. This guide covers the various complex tax issues an independent school may encounter.
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