|Washington Prepares for Comprehensive Tax Reform|
Both the House and Senate have begun groundwork on the overhaul of the federal tax code, and their respective tax writing committees have been holding bipartisan discussions. In response, NACUBO highlights several tax issues that impact students and institutions.
NACUBO Submits Comments to CFPB on Financial Products Marketed to StudentsIn response to a request for information issued by the Consumer Financial Protection Bureau earlier this year, NACUBO has submitted comments on financial products, including bank accounts and debit cards, marketed to students at higher education institutions.
Violence Against Women Act ReauthorizedThe reauthorization of the Violence Against Women Act, which had been tied up for months in the House of Representatives, was signed into law by President Obama on March 7. Campuses will be affected by expanded reporting and policy requirements.
2012 Form 990 Instructions ChangeIRS has released the instructions to the 2012 Form 990, which must be filed by independent institutions and their related organizations. Notably, the new instructions clarify that joint venture income can be reported based on books and records, and need not be reported based on Schedule K-1s. Also included are specifics on how to report income from payment card and third party network transactions reported on Form1099-K.
Higher Education Community Submits Comments to Treasury on Affordable Care ActNACUBO, along with several other higher education associations, endorsed the American Council on Education’s comments to the Internal Revenue Service March 18. The comment letter to the Treasury Department addresses health insurance coverage of adjunct faculty and student campus employees under the Affordable Care Act.
Emergency Management Accreditation Program FinalizedAfter the success of their pilot program in 2010, the Emergency Management Accreditation Program is now offering accreditation to higher education institutions. While participation is optional, obtaining accreditation is a means of demonstrating that college and university emergency management programs have met national standards.
NACUBO 2013 Annual Meeting
Attend this dynamic event to improve your skills, enhance your knowledge and expand your professional network. This premier event features professional development specific to the business of higher education, extensive networking opportunities, innovative speakers, and vendors committed to higher education. Visit www.nacuboannualmeeting.org for complete information and to register. Early registration ends March 31.
Affordable Care Act Implementation Webcast
Tuesday, May 1, 2013
1:00 PM EST
Tune in Wednesday, May 1 to learn what steps you should take now to help your institution prepare to meet the requirements of the Act in 2014. The session will also provide practical guidance to minimize future liability.
Federal Auditing Information Service (FAIS)
Financial Accounting and Reporting Manual (FARM)