Information Reporting and Compliance – News you can use

News and Information about 1099 and IRS information reporting

, 1099-NEC Joins Combined Federal State Filing Program TY2021

1099-NEC Joins Combined Federal State Filing Program TY2021

During the 2020 tax year, the Internal Revenue Service (IRS) added Form 1099-NEC: Nonemployee Compensation. The form is now in its second year since its re-introduction, and the government agency is including it in...

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, Scam Targeting University Students and Staff

Scam Targeting University Students and Staff

University students and staff should be aware of IRS impersonation email scam People should be aware of an ongoing IRS-impersonation scam that appears to target educational institutions, including students and staff who have .edu...

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, 1099-NEC State Reporting Requirements TY2020

1099-NEC State Reporting Requirements TY2020

The 1099-NEC will not be part of the IRS Combined Federal State Filing Program for TY2020.  If you have an obligation to report 1099-NEC directly to states, you should follow the instructions below when...

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, Seven Best Practices as You Navigate 1098-T Files

Seven Best Practices as You Navigate 1098-T Files

This is a guest blog post, originally featured at Nelnet Campus Commerce: campuscommerce.com/seven-best-practices-as-you-navigate-1098t-files/ In Brief: Outline of seven essential tips to when navigating 1098-T files Highlight of common errors institutions experience while processing 1098-T’s...

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CARES Act and Funding for Students

COVID-19 has impacted all sectors and industries, and education is no exception. On March 27, 2020, CARES, or Coronavirus Aid, Relief, and Economic Security Act, provided federal stimulus aid to the Department of Education...

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, 1099-NEC to be Reintroduced in 2020

1099-NEC to be Reintroduced in 2020

The IRS announced that it will be bringing back form 1099-NEC to report non-employee compensation separate from the 1099-MISC.  This form 1099-NEC has been retired since 1983. The change would go into effect for...

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, Pressure Seal 101

Pressure Seal 101

You may not be familiar with what pressure seal forms are but, the chances are that you have come into contact with them before.  Most often pressure sealed forms are used to print and...

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, What you need to know about GDPR

What you need to know about GDPR

Chances are likely that you have heard the acronym GDPR in recent news headlines.  But, what exactly is this regulation and how does it impact businesses outside of the European Union? The General Data...

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, Affordable Care Act Penalties: Letter 226J

Affordable Care Act Penalties: Letter 226J

The Affordable Care Act (ACA) filings started in tax year 2015 and the reporting has been ongoing. The applicable large employers (ALE’s) that have been required to file the 1095/1094-C haven’t seen any penalties...

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1098-T REPORTING – BOX 1 REPORTING NOT REQUIRED IN TAX YEAR 2017

When the PATH Act of 2015 was introduced the IRS required that colleges and universities report the amounts received instead of amounts billed for qualified tuition and related expenses. However, the IRS met quite...

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