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Business and Policy Areas
Business and Policy Areas
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Penalty Relief for 2015 Incorrect TIN Reporting on Form 1098-T

January 11, 2016

The Internal Revenue Service (IRS) announced last week that it will not penalize institutions that timely file or furnish 2015 Forms 1098-T with missing or inaccurate taxpayer identification numbers (TINS) during 2016.  

The move comes after the IRS determined that it is unable to make the necessary programming and form changes to implement this provision for the 2015 Form 1098-T filing season.

Provisions enacted as part of the Trade Preferences Extension Act of 2015 enabled colleges and universities to avoid receiving automatic penalties for missing (TINs) by certifying at the time of filing that they have met the appropriate solicitation standards. The measure went into effect for statements furnished after December 31, 2015.

This relief does not apply to any other filing failures, such as late filing or failure to include other information required to be reported on the Form 1098-T.

Contact

Mary Bachinger
Director, Tax Policy
202.861.2581
E-mail