Information Reporting and Compliance – News you can use
News and Information about 1099 and IRS information reporting
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
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...
Read MoreCARES 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
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
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
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
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...
Read More1098-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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Does ACA repeal = No more IRS reporting requirements?
With headlines trending on the repeal of the Affordable Care Act (ACA) a lot of employers are wondering….Will I still have to report employee health coverage to IRS next year? In short the answer...
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IRS Extends the Deadline to Furnish Forms 1095-C & 1095-B
Today on November 18, 2016 the IRS sent out Notice 2016-70 announcing the extension for furnishing information returns 1095-C and 1095-B to recipients. This will be the second year for mandated ACA reporting and...
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