February 10, 2014
IRS Waives Penalties for 1098-Ts with Missing or Incorrect TINsIRS Waives Penalties for 1098-Ts with Missing or Incorrect TINs
Late last week, the Internal Revenue Service announced it will waive penalties on colleges and universities for filing Form 1098-T, Tuition Statement, with missing or incorrect taxpayer identification numbers for 2011. In some cases, IRS had proposed fines exceeding $1 million.

Changes to Cost Principles in "Super Circular" Could Impact Institutions

The Office of Management and Budget’s cost principles, formerly laid out in three separate circulars, are now one subpart of the recently published “Super Circular.” While most provisions remain the same, changes affect the sections addressing direct and indirect costs, compensation, and materials and supplies.

FASB Drops "Other Communications" From NFP Agenda

The Financial Accounting Standards Board has removed the topic of “other financial communications for Not-for-Profits”—such as Management’s Discussion & Analysis—from its research agenda.

VA Launches Comparison Tool, Complaint System

The Department of Veterans Affairs recently launched two online tools, one to help veterans decide which school to attend and the other to provide a route for expressing dissatisfaction about their educational experience.

What Color Is Your Roof? White Wins Out

According to a new report from the Lawrence Berkeley National Laboratory, white roofs are better for the climate than “green” vegetated roofs.

GASB Introduces Electronic Publication

The Governmental Accounting Standards Board will soon launch The GASB Outlook , a free quarterly publication that will cover upcoming proposals, standards, and other Board activities.

IRS Announces Changes to 2013 Forms 990 and 990-EZ

The IRS recently released a list of changes made to the 2013 Form 990, most of which pertain to the instructions but also provide clarifications on the reporting of compensation, functional expenses, and activities outside the United States. Changes to the 2013 Form 990-E-Z, the short-form return for small exempt organizations, were also published.

Higher Education Tax Institute

NACUBO is pleased to be a supporting organization of the upcoming Higher Education Taxation Institute, being held March 3-5, Austin, Texas. The program, offered by Continuing Legal Education at the University of Texas Law School, will examine and discuss approaches to campus tax issues and compliance.


National Conference on Law and Higher Education

Staying the Course:
Exploring the Power of Interdisciplinary Law and Policy Collaboration
February 13-19-Orlando, Florida

Join NACUBO President and CEO John Walda and many of higher education's thought leaders at the 35th Annual National Conference on Law and Higher Education sponsored by Stetson University's Center for Excellence in Higher Education Law and Policy.

 

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