gina curry director, student financial services center california state university, sacramento anne...
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2 0 1 4 F O A / P SS O A C S U B u s i n e s s C o n f e r e n c e2 0 1 4 F O A / P SS O A C S U B u s i n e s s C o n f e r e n c e
1098-T Reporting
Gina Curry
Director, Student Financial Services Center
California State University, Sacramento
Anne Gross
Vice President, Regulatory Affairs
NACUBO
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Discussion• 2011 IRS Penalty Notices• W-9s Form Collection• TIN Matching• Recommendations for completing 1098-T• 1098-T into the Future• Resources
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2011 IRS Penalty Notices
• NACUBO and CO directions for response to IRS
• IRS agreed to waive 2011 penalties• What about 2012?• Did anyone pay? • NACUBO continuing conversations with IRS
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W-9S Form Collection• PS Query to select invalid SSN and place service indicator forwarded
from Nicole Louie 10/24/13• Send to all students with missing or invalid SSN with deadline• Work with your Registrar to select deadline• Form does not require a certifying signature• Do you use the optional name and account number fields?• http://www.irs.gov/pub/irs-pdf/fw9s.pdf • NACUBO SFS Council to host a webinar on this in the coming
months
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TIN Matching
• 1098-T not eligible to use the web-based IRS TIN matching program
• TIN mismatch a bigger problem than missing TIN• NACUBO reaching out to AACRAO (Registrars) to see
if they can help with this problem• Note that Mentor DOES quote Title V and the IRS
section about providing a SSN
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Mentor Application
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Recommendations for Completing 1098-T
• NACUBO Recommendations for Completing From 1098-T Advisory Report 2013 – 2
• http://www.nacubo.org/Documents/BusinessPolicyAreas/1098TAdvisoryReport20132.pdf
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1098-T into the Future
• NACUBO continues work with the IRS and the federal legislature
• Lawmakers fail to understand the complications of reporting
• Pressure to have us all report in Box 1 (Payments)• Current recommendation: Report Box 1, Box 2 and
Box 5
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Resources• IRS Penalty Notices NACUBO Advisory Report 2013 – 1• http://www.nacubo.org/Documents/BusinessPolicyAreas/NACUBO_A
dvisory_Report_on_Form_1098_T_Compliance.pdf• Recommendations for Completing From 1098-T Advisory Report
2013 – 2• http://
www.nacubo.org/Documents/BusinessPolicyAreas/1098TAdvisoryReport20132.pdf
• Roberta McNiel, CPA and Manager of Internal Control & Compliance, CSU Chancellor’s Office, rmcniel@calstate.edu
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Contact Information
Gina CurryDirector, Student Financial Services
CenterCalifornia State University,
Sacramentocurryg@csus.edu(916) 278-7433
Anne GrossVice President, Regulatory Affairs
NACUBOagross@nacubo.org
(202) 861-2544
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