From: Tammy Rogers (trogers@wppost.depaul.edu)
Date: Tue Mar 13 2001 - 13:13:28 EST
My comments are in bold below
Tamara K. Rogers
Director, Student Financial Accounts
DePaul University
phone: 312-362-6731
fax: 312-362-5824
Trogers@wppost.depaul.edu
>>> "Gross, Anne" <AGross@nacubo.org> 03/12/01 05:40PM >>>
NACUBO is involved in advocacy efforts on both the legislative and
regulatory fronts to try to ease the burden of the §6050S reporting
requirements related to the Hope and Lifetime Learning tax credits. I'll
report in greater detail about what is going on soon, but wanted to solicit
your thoughts about an alternative that has been suggested.
1. The requirement to report aggregate payments of qualified educational
expenses is problematic for a number of institutions. Although taxpayers can
only claim credits for amounts they have actually paid during the year,
could institutions more accurately and easily report aggregate amounts
charged or billed for qualified expenses?
Response
It would be much easier to provide the aggregate amounts of qualified
expenses that were charged or billed. The only problem would exist if those
charges were not paid
( delinquent account) and the person used the information to get the credit
2. Another real headache for institutions is reporting on refunds of
payments of qualified educational expenses. Assuming that the IRS is really
interested in cross-year refunds (refunds made in one year related to
payments made and reported in the previous year), could institutions report
more accurately adjustments to charges reported in a previous year?
Response:
It would be easier to report adjustments to charges from a prior year
3. Have you already made changes to your systems to enable you to report on
payments and refunds of qualified expenses? If not, how long a lead time
would you need before the start of a year on which you needed to report
dollar amounts?
Response
Out IT group is looking at our purchased software to see what type of
reporting is available. I have asked them to give me feedback in early
June. That would give us 6 months to be ready to start gathering
information in 1/02
Responses to me at agross@nacubo.org or Mary Bachinger at
mbachinger@nacubo.org would be appreciated ASAP. Please indicate the type,
control, and size of your institution. Many thanks! Anne
Anne C. Gross
Director, Policy Research and Analysis
NACUBO
202-861-2544 agross@nacubo.org
http://www.nacubo.org
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