From: cathy foland (cfoland@siue.edu)
Date: Fri Mar 16 2001 - 12:13:09 EST
Anne,
Responses for SIUE are inserted in bold after each question. Southern
Illinois University Edwardsville has 12,000 undergraduate and graduate
enrollment, is a public university and in 2000 we sent out 18,000 1098T's.
Thank you. Cathy
"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 charged or
>billed amounts simplifies the calculation. It would eliminate the
>problems with timing (charges assessed in one calendar year and paid in
>another) as well as the problems with determining which payments,
>financial aid, grants, scholarships or other credits paid qualified (vs
>unqualified) charges.
>
>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? Yes,
>for similar reasons as noted in #1 above, adjustments to charges can be
>calculated in a more straightfoward manner.
>
>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? No, but we are in the process of addressing with our
>system vendor. Two years would be needed for programming and testing.
>
>
>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>http://www.nacubo.org
-- Cathy Foland Associate Bursar Office of the Bursar Southern Illinois University Edwardsville Phone: (618) 650-3131 Fax: (618) 650-2971 Email: cfoland@siue.edu
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