The IRS today released an advance version of Announcement 2016-3 announcing that the IRS will not impose penalties under section 6721 or 6722 on eligible educational institutions required to file Forms 1098-T for the 2015 calendar year, solely because the institutions fail to include a correct taxpayer identification number (TIN) for a student on Form 1098-T. The relief provided under Announcement 2016-3 [PDF 13 KB] is limited to 2015 Forms 1098-T, Tuition Statement, required to be filed by eligible educational institutions by February 29, 2016, or March 31, 2016 (if filed electronically).
The relief provided under Announcement 2016-3 [PDF 13 KB] is limited to 2015 Forms 1098-T, Tuition Statement, required to be filed by eligible educational institutions by February 29, 2016, or March 31, 2016 (if filed electronically).
The relief does not provide penalty relief for any other failure that would cause a filer to be subject to penalties under section 6721 or 6722, or any other penalty under any provision of the Code, and does not apply for insurers required to file Form 1098-T or for persons engaged in servicing student loans.
For more information, contact the Managing Director-in-Charge of KPMG's Washington National Tax Exempt Organizations Tax group
D. Greg Goller | +1 (703) 286- 8391 | firstname.lastname@example.org
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