The following statement was released by the National Association of College and University Business Officers (NACUBO) regarding penalties for incorrect taxpayer identification numbers (TIN) reporting in 2015:
"The Internal Revenue Service (IRS) announced last week that it will not penalize institutions that timely file or furnish 2015 Forms 1098-T with missing or inaccurate taxpayer identification numbers (TINS) during 2016.
The move comes after the IRS determined that it is unable to make the necessary programming and form changes to implement this provision for the 2015 Form 1098-T filing season.
Provisions enacted as part of the Trade Preferences Extension Act of 2015 enabled colleges and universities to avoid receiving automatic penalties for missing (TINs) by certifying at the time of filing that they have met the appropriate solicitation standards. The measure went into effect for statements furnished after December 31, 2015.
This relief does not apply to any other filing failures, such as late filing or failure to include other information required to be reported on the Form 1098-T."
See the release on NACUBO's website.
Cathleen M. Karpik, CPA
ckarpik@lumsdencpa.com
Cathy is responsible for engagement management and coordination of services to various exempt organizations. She has experience working with community and private colleges, school districts, various governmental entities and nonprofit organizations in the areas of auditing, single audits, taxation, information returns and financial reporting. Cathy manages these services for all our private and community colleges. She has extensive experience in this area and regularly receives specialized training and updates on federal student financial aid programs by recognized national experts. Cathy also follows the changing ARRA reporting requirements and provides guidance to our clients in this important