Relief In Sight For Colleges Grappling With 1098-T Flaws

Law360, New York (August 31, 2015, 1:49 PM EDT) -- It has been reported that many colleges and universities have received IRS notices assessing significant penalties for failing to provide accurate or complete information on IRS Forms 1098-T. Going forward, colleges and universities may be able to take advantage of a safe harbor included in recently enacted trade legislation to avoid penalties for failing to properly report student taxpayer ID numbers (TIN). It remains uncertain how the IRS proposes to respond to requests for abatement of penalties assessed for deficiencies in prior year filings of such forms....

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