From: Kelly R. Carter (krcarter@oakland.edu)
Date: Tue Mar 13 2001 - 15:12:24 EST
At 06:40 PM 03/12/2001 -0500, Gross, Anne wrote:
>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? Yes, reporting the aggregate
amounts charged would be easier. Payments for "qualified" expenses is very
difficult when a partial payment of charges is made on the account and you
have to determine what portion paid off "qualified" expenses.
>
>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? I do
not know. Our 1098T program in SCT Banner reports the refunds by term with
a date range. Chances are that if a refund is processed in the next
calendar year for a year/term already reported on, it will not get picked
up or reported on the 1098T in the following 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? We use SCT Banner and they have developed the software
for 1098T reporting. It is the set-up and understanding the fed regs in
order to implement which creates the problem. No matter what, we miss
students or they disagree with our records because of timing issues. We
close down for Christmas break approx. Dec. 21. Payments made by students
for that last week in December do not get posted on our books until after
the first of the year. Those payments are not reported on the 1098T until
they are posted to our books so it creates a timing issue.
Missing SS#'s is a big headache for us. The Oakland University does not
require the student to provide us with the info. when they are admitted and
it is a real struggle to obtain the info later.
Oakland University is a 4 year public school.
We mailed out 22,000 1098T's in 2000.
>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
>
Kelly R. Carter
Mgr. of Receivables and Cashiering Services
Oakland University
Rochester, MI 48309-4401
(248) 370-2288
(248) 370-4661 fax
krcarter@oakland.edu
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