From: Anne Gross (AGross@nacubo.org)
Date: Fri Jun 23 2000 - 12:19:49 EDT
In case you haven't heard, I wanted to let everyone know that the IRS issued
proposed rules for information reporting for the Hope and Lifetime Learning
tax credits, and student loan interest, last week. The notice was published
in the Federal Register on June 16. A link is provided on our Web site at:
http://www.nacubo.org/Federal%20Register/00/061600.html
The news is pretty good: The IRS has not included requirements for
collecting or reporting information on taxpayers who will claim students as
dependents. The exemption for reporting on noncredit and nonresident alien
students would be continued. The rules would be effective for reporting for
tax year 2001 (with the current scaled-back requirements remaining in effect
for 2000).
Institutions will be required to report financial data in the boxes on the
1098-T, which will probably be the biggest challenge.
NACUBO will issue a Special Action Report in the next few weeks and will
work with other associations and institutions to draft comments by the
September 14 deadline. As always, your input is valued. Anne
Anne C. Gross
Director, Policy Research and Analysis
NACUBO
202-861-2544 agross@nacubo.org
http://www.nacubo.org
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