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

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

Discussion• 2011 IRS Penalty Notices• W-9s Form Collection• TIN Matching• Recommendations for completing 1098-T• 1098-T into the Future• Resources

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

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

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

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                             

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

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

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

Mentor Application

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

Recommendations for Completing 1098-T

• NACUBO Recommendations for Completing From 1098-T Advisory Report 2013 – 2

• http://www.nacubo.org/Documents/BusinessPolicyAreas/1098TAdvisoryReport20132.pdf

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 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

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

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

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

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