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
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
Follow us Online