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April 02, 2021

IRS Revises 1098-T Guidance on Emergency Grants to Students

Following advocacy from NACUBO, the IRS has clarified that colleges and universities will not need to separately track or note emergency grants to students for purposes of 2021 Form 1098-T reporting, nor should they issue Forms 1099-MISC.

February 19, 2021

IRS Guidance Offers Flexibility on Carrying Over Cafeteria Plan Funds

Employers are permitted to amend plans to allow employees to carry over unused amounts from flexible spending accounts for medical and dependent care expenses during the pandemic. Certain mid-year election changes are also allowed, according to a new IRS notice implementing changes enacted late last year.