IRS Announcement 2016-17: Limited Penalty Relief for Filers of Form 1098-T, Tuition Statement
- Read IRS TE/GE Issue Snapshots
1. IRS Announcement 2016-17: Limited Penalty Relief for Filers of Form 1098-T, Tuition Statement
The IRS will not impose penalties under section 6721 or 6722 on eligible educational institutions with respect to Forms 1098-T, Tuition Statement, required to be filed and furnished for the 2016 calendar year under section 6050S 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 by section 212 of the Protecting Americans from Tax Hikes Act of 2015.
Back to Top
2. Read IRS TE/GE Issue Snapshots
The IRS Tax Exempt and Government Entities (TE/GE) Knowledge Management periodically issues research summaries called Issue Snapshots on tax-related issues for practitioners. They are posted on IRS.gov’s electronic reading room page under “Training and Reference Materials.” Bookmark and check the page often for helpful new materials.
Recent articles include:
- IRC Section 4942, Taxes on Failure to Distribute Income – Carryover of Excess Distributions or Undistributed Income
- Employers Must Withhold FICA Taxes for Aliens who Change Visa Status to H-1B
- Excise tax on Federal Foreign Procurement Payments
- Lessening the Burdens of Government as a Basis for Tax Exemption under IRC Section 501(c)(3)