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.
New Employee Retention Tax Credit Guidance Published for 2021
The IRS has issued guidance for employers implementing the expansion and extension of the Employee Retention Credit included in the CARES Act.
Proposed IRS Rules Would Expand Mandatory Electronic Filing
In accordance with the Taxpayer First Act, new proposed regulations would require more exempt organizations, partnerships, and businesses to file annual tax returns and forms electronically.