|Budget Uncertainty Remains Despite Debt Ceiling Maneuver|
Last week, in legislation entitled, “No Budget, No Pay,” the House of Representatives agreed to a short-term hike of the federal debt ceiling. The bill also stipulates that if the Senate and the House are unable to pass budget bills in their respective chambers by April 15, members of Congress would have their pay withheld. However, sequestration still looms and further tax changes are possible making budget planning difficult.
IRS Proposes Rules on Employer Shared Responsibility for Health InsuranceBeginning in 2014, the Patient Protection and Affordable Care Act requires employers with 50 or more full-time employees to offer group health insurance coverage to their full-time employees or pay a fine. Treasury and IRS have proposed a set of comprehensive implementation rules; however, the treatment of adjunct faculty at colleges and universities remains unclear.
Delta Cost Project Explores Athletic SpendingThe newest Delta Cost Project Issue Brief shows most NCAA Division I athletic programs are not self-sufficient, requiring subsidies from the institution. The report takes a critical look at the growth in spending on athletic programs even during the economic downturn and finds that athletic spending per athlete is disproportionally higher than academic spending per student.
Demographic Shifts in High School Graduate PopulationsA new report from the Western Interstate Commission for Higher Education finds that the number of high school graduates will fall over the next decade and that those graduates will increasingly be Asian/Pacific Islander and Latino.
Taxpayer Resources Available on Education Tax Credits and BenefitsAs tax season begins and institutions send out Forms 1098-T, the IRS is promoting new tools and resources to help students and families better understand higher education tax breaks, and the federal tax credits and deductions they may be eligible to claim on their tax returns.
Few Use 529 Savings PlansOnly 3 percent of US families have used tax-advantaged 529 plans to save for a college education, according to a report issued by the Government Accountability Office. Participating families were significantly wealthier than families not using the plans.