Colleges and universities are receiving another round of IRS Notice 972CG, proposing penalties for missing or incorrect Taxpayer Identification Numbers on Form 1098-T. Form 1098-Ts are information returns relating to higher education tuition and expenses; the TINs they request are most often student Social Security numbers.
Setting out best practice recommendations for collecting those TINs, the National Association of College and University Business Officers published Advisory Report 2014-1. The report also references earlier NACUBO Advisory Reports that include recommendations for responding to the penalty notices.
With fall enrollment behind you, this is a great time to evaluate and document your TIN collection practices to avoid future penalties.