What's New for 2016
- Limited penalty relief. For the 2017 calendar year, Announcement 2016-42, available at https://www.irs.gov/irb/ 2016-49_IRB/ar10.html, provides that no penalties will be imposed under section 6721 or 6722 for reporting the aggregate amount billed, instead of the aggregate amount of payments received, for qualified tuition and related expenses on Form 1098-T. Beginning in 2018, only the qualified tuition and related expenses actually paid can be reported on Form 1098-T.
New Fields
- Rcp Tin Checkbox: STUDENT'S taxpayer identification no. checkbox.
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