1098-T Penalty Notices for Missing TINs

Has your university/college received a 972CG penalty notice from the IRS for incorrect or missing SSNs on your 1098-Ts? Well you are not alone! Several universities and colleges have received this penalty notice in the past few weeks and the SF listserv is a buzz with the What! Why! When! and How! to respond.

Currently the HEUG site there are two post in reference to the penalty notice and some great information and solutions.

http://www.heug.org/p/fo/st/thread=90408

http://www.heug.org/p/fo/st/thread=91042

In addition the National Association of College and University Business Officers (NACUBO) listserv is also very active on this topic as well. NACUBO has posted an article on how universities and colleges can respond to the IRS for the proposed penalty. Visit the NACUBO website for more information:

http://www.nacubo.org/Business_and_Policy_Areas/Tax/Tax_News/IRS_Sending_Penalty_Notices_for_1098-Ts_Without_Taxpayer_Identification_Numbers.html

From reading all the listserv postings, universities and colleges need a detailed letter describing your procedures and practices for collecting and/or correcting SSN.

To close out here is one additional helpful publication from the IRS:

http://www.irs.gov/pub/irs-pdf/p1586.pdf

Good luck and if you have any additional helpful hints/ideas/concerns please share on the HEUG SF listserv: sf.ps@list.heug.org

 

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