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6 Things to Know About a 1098-T Form

6 Things to Know About a 1098-T Form

By Lee Frank, MBA, CPA January 13, 2022

We’re getting deep into tax preparation season, and during a year that the Internal Revenue Service expects to be busier than most, institutions and students are encouraged to organize and submit documentation as promptly as possible. Among the most important items for institutions to prepare is Form 1098-T, Tuition Statement….

Don’t Miss Out on the Employee Retention Tax Credit

Don’t Miss Out on the Employee Retention Tax Credit

By Lee Frank, MBA, CPA November 8, 2021

If they have yet to do so this year, qualifying employers can still take advantage of one of the CARES Act’s major benefits — the employee retention tax credit (ERTC). Enacted with the 2020 coronavirus relief legislation and since extended through 2021, it is meant to help businesses that retained…

Financial Student Aid Regulation Changes: Breaking Down 5 More Rules

Financial Student Aid Regulation Changes: Breaking Down 5 More Rules

By Parker Charlton September 27, 2021

If you’ve been following along with the McClintock Minute, you know we’ve been breaking down the many notable changes and updates that the Department of Education (ED) made effective this summer to Financial Student Aid (FSA) regulations. As we start the fall, however, we know institutions, understandably, still have questions…

HEERF Single Audit email Clarification

HEERF Single Audit email Clarification

By Michael T. Wherry, CPA August 11, 2021

From discussions with various clients, for-profit institutions are receiving the following email in regard to future audits of their Higher Education Emergency Relief Funding (HEERF) grants and these emails are causing confusion: To:  Department of Education Grant Recipients From:  Phillip Juengst, Deputy Assistant Secretary, Office of Acquisition and Grants Administration…