Tax Advisory

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 “Advanced Search” then choose “Tax Advisory Services” option in “Limit by Category” drop down selection and click the “Search” button.)

  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. Tax Implications for Scholarship and Fellowship Recipients:
  3. 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.
  4. 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.
  5. Payments to Foreign Vendors:
  6. 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.
  7. 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.

  8. Telecommunication Tax Exemption for USF
  9. USF Exempt Status
  10. Tax Exempt Bonds :

  11. Communications Service Tax (CST) – Telecommunication service revenue received from non-exempt organizations or individuals may be subject to CST. Contact Cherie Carson, Manager - General Accounting 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., ALN 147
Tampa, FL 33620

FAX: 813-974-4485

Travel

Contact Us

Tax Advisors: Anne Jetmundsen and Michelle Verdisco

Office: ALN147

Fax: 813-974-4485

Contact Information