NACUBO On Your Side: March 21–27, 2023
As things move quickly in Washington, DC, NACUBO is your constant advocate in action. NACUBO On Your Side covers important legislative and agency activity NACUBO staff are tracking, what we’re currently advocating for, and how you can take action with us.
Here are the issues we are tracking and advocating for this week.
IRS Issues a Second Warning About Employee Retention Credit Claims
When appropriately claimed, the employee retention credit (ERC) is a refundable tax credit for employers that continued to pay workers while shut down during the pandemic. Noting the “aggressive marketing of these credits” making offers that sound too good to be true and the rise in pressure on tax professionals from clients to claim the ERC, the IRS highlighted abusive ERC claims in this year’s Dirty Dozen, an annual list of 12 tax scams that put taxpayers at risk. The IRS reported that employers “should remember the IRS is actively auditing and conducting criminal investigations related to these false claims.”
ED Releases Roadmap for FAFSA Revisions
The Department of Education has confirmed that it will deliver a redesigned 2024-25 Free Application for Federal Student Aid (FAFSA) in December of this year, butting up against their legal deadline of January 1, 2024. ED also shared an implementation roadmap that includes important dates for administrators. On April 17, NACUBO will hold a webcast about how the revised FAFSA will impact the business office.
ACE Brief Shares Background on Third-Party Servicer Regulations
The American Council on Education (ACE) has published a brief on third-party servicers (TPS), following the February guidance from the Department of Education that will greatly expand the definition of a TPS. NACUBO will continue to and report on TPS issues specific to the business office.