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1098-T Reporting Changes
November 2, 2016 @ 11:00 am - 12:00 pm
The IRS has mandated that schools begin reporting Box 1 (payments) on 1098-T tax statements rather than Box 2 (amounts billed) starting with the 2017 tax year, which is effective January 1, 2017. This is a massive change as it is estimated 85% of schools in higher education report in Box 2. There are additional changes being mandated, and having to make these changes, particularly the Box 1 reporting, is a huge burden on a school’s IT staff, as they need to update their systems to properly track payments going toward qualified tuition and fees. The changes will be covered along with tips to ensure compliance as it relates to student Tax ID Numbers.