Tuition Expense Reporting Rule Changes Proposed
The Internal Revenue Service (“IRS”) recently proposed regulations to change how students report qualified tuition and related expenses on Form 1098-T. Impacting higher institutions required to file Form 1098-T and taxpayers who can claim an education tax credit, the changes would align with the Tax Code amendments under the PATH Act and Trade Preferences Extension Act. More on the proposed regulations on tuition expense reporting is available on the Accounting Today website.
NACUBO Requests One-Year Delay to Tuition Reporting Changes
In a letter last month to the Internal Revenue Service (“IRS”), the National Association of College and University Business Officers (“NACUBO”) asked for the tuition reporting changes to be postponed for at least a year. Starting this year, colleges and universities must report the amount of tuition paid that was disclosed on Form 1098-T, Tuition Statement. The NACUBO noted that forcing universities to abandon their established systems and adopt a one-size-fits-all methodology will take time. Dozens of higher institutions have also submitted comments to the IRS requesting more time to prepare their software programs for the new reporting requirements. More on. Read More.