IRS 1098-T reporting changes for tax year 2016

Work has begun on investigating the impacts on the mandate from the IRS to use the Charges Paid method of reporting. The University of Minnesota (and about 85% of the schools across the country) currently use Charges Billed on the 1098-T. Student Finance, SF IT, and the Tax Office will be working together to determine next action items like:

• drafting a letter to the IRS that asks for an extension to allow for time to get system updates done (per a recommendation by NACUBO), 
• testing the delivered PeopleSoft 1098-T calculation process to see what differences are found in reporting with the Charges Paid method, and
• validating results with the Tax Office, and requesting any necessary changes from Oracle and OIT.