IRS issuing penalty notices to colleges and universities for missing or incorrect TINs reported on Forms 1098-T

Exempt Organizations Tax Services Update

The Internal Revenue Service (IRS) has recently begun issuing penalty notices to colleges and universities notifying them of missing or incorrect taxpayer identification numbers (TINs) on Forms 1098-T related to tax year 2011. The Taxpayer Relief Act of 1997 requires colleges and universities to report specific information on Form 1098-T in order to assist taxpayers and the IRS in determining a taxpayer’s eligibility for an education tax credit, such as the Hope and Lifetime Learning Credits. Corresponding statements are also furnished to students by January 31st of the following calendar year.



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