Educational Institutions failing to comply? Penalty relief extended!!

November 22, 2016





Educational institutions get extended penalty relief for tuition reporting change. The IRS has announced that it is extending previously granted relief from penalties under the tax code for eligible educational institutions required to file Forms 1098-T, “Tuition Statement,” for the 2017 calendar year. No penalties will be imposed if the institution reports the aggregate amount billed for qualified tuition and related expenses on Form 1098-T instead of the aggregate amount of payments received, as required under a law change made by last year’s PATH Act.