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Business and Policy Areas
Business and Policy Areas

Employment Taxes

New IRS Publication on Education Tax Benefits. The IRS has issued Publication 970,Tax Benefits for Education to assist taxpayers seeking to claim federal education tax benefits on their 2007 tax returns.

Student FICA

Tax Guide for College Presidents

The American Council on Education in 2003 published an updated edition of their tax guide for college presidents. The guide, which addresses topics such as the tax treatment of personal residence, fringe benefits, deferred compensation, and excess benefits transactions. This useful resource was mailed to presidents by ACE and is available at no charge from the ACE Web site: Federal Income Tax Guide for College and University Presidents.

Worker Classification

Employee or Independent Contractor? The IRS has released Fact Sheet-2006-21 to help employers to properly classify their workers as either employees or independent contractors. Published in June 2006, the fact sheet is the most recent guidance from IRS on making these classification determinations.

Higher education tax professionals might also find the Service's training materials for agents helpful in addressing the classification of workers in various employment scenarios on campus.

Additional information about worker classification and classification correction are in:

Retirement and Deferred Compensation