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FIN-047: Compliance with Federal, State, and Local Tax Regulations

Date: 05/06/2016 Status: Final
Last Revised: 06/28/2023
Policy Type: University
Contact Office: Financial Operations & Tax
Oversight Executive: Vice President and Chief Financial Officer
Applies To:

Academic Division, the Medical Center, and the College at Wise.

Reason for Policy:

The University is committed to complying with federal, state, and local tax regulations. This policy identifies the University units responsible for tax compliance and delineates their scope of responsibility.

Definition of Terms in Statement:
  • University Units:Schools and departments within the University.
Policy Statement:

The University must comply with applicable federal, state, and local tax regulations. In that regard, the Director of Financial Operations has institutional responsibility for compliance with tax regulations. Responsibility for specific operational tax processing and records retention has been delegated to certain University units as noted below:

University Unit Responsible

Tax Processing and Records Retention

Payroll Services*

Form W-4 and VA-4: Payroll Tax Withholding for Employees

Form W-2: Wage and Tax Statements for Employees Form Reporting

University Human Resources

Taxable Fringe Benefits for Employees Reporting

Procurement and Supplier Diversity Services*

Form 1099: Reporting various types of income other than wages, salaries, and tips

Student Financial Services

Form 1098-T: Education Tax Credits

Student Loan Interest Reporting

Financial Operations and Tax*

Unrelated Business Income

Tax-Exempt Bond Compliance, Private Use

Filing for Credit Payments for Build America Bonds

Commonwealth of Virginia Sales Tax Filing

Form 1042-S: Foreign National Tax Withholding and Reporting

Treasury Management

Bond Compliance

* These units are under the direction of the Assistant Vice President for Financial Operations.

  1. Providing Tax Advice:
    The University does not provide personal tax advice to its employees, students, or donors. Tax information, such as tax publications and forms, and/or other references on websites, may be provided for general information about various tax topics. However, it is not meant to represent tax advice and it should not be assumed to be error free. If in doubt, individuals should contact the appropriate tax authority (e.g., Internal Revenue Service, Virginia Department of Taxation, Charlottesville City Treasurer, or Albemarle County Finance Department), a tax accountant, or an income tax service.

  2. Compliance with Policy:
    Failure to comply with the requirements of this policy may result in disciplinary action up to and including termination in accordance with relevant University policies.

    Questions about this policy should be directed to Financial Operations & Tax.

Major Category:
Finance and Business Operations
Next Scheduled Review:
Approved By, Date:
Policy Review Committee, 05/06/2016
Revision History:

Updated 6/28/23; Added Compliance section 12/16/21; Updated 5/2/18.

Supersedes (previous policy):

V.A.4, Tax Information to Employees and Degree Candidates.