The IRS today issued a reminder of the January 31, 2018 due date for filing:
The IRS release notes that penalties for failure to file correct information returns or furnish correct payee statements have increased, and apply for information returns required to be filed after December 31, 2015.
The IRS release also includes a reminder that eligible educational institutions are to report the total amount of payments received for qualified tuition and related expenses from all sources during the calendar year on Form 1098-T, Tuition Statement.
There is, however, penalty relief available for Forms 1098-T for 2017. The IRS will not impose penalties on eligible education institutions that report the aggregate amount billed (instead of amount received) for qualified tuition and related expenses on the Form 1098-T for 2017. Read TaxNewsFlash-Exempt Organizations
For more information, contact a tax professional with KPMG’s Washington National Tax practice:
Preston Quesenberry | +1 202 533 3985 | email@example.com
Randall Thomas | +1 202 533 3786 | firstname.lastname@example.org
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