Colleges and universities use IRS Form 1098-T to report amounts relating to qualified tuition and related expenses.
The IRS imposes a penalty per record for incorrect or a missing taxpayer identification number for every tax form except IRS Form 1098-T. The new law reads:
“No penalty shall be imposed under section 6721 or 6722 solely by reason of failing
to provide the TIN of an individual on a return or statement required by section
6050(S)(a)(1) if the eligible educational institution required to make such return
contemporaneously makes a true and accurate certification under penalty of perjury
(and in such form and manner as may be prescribed by the Secretary) that it has
complied with standards promulgated by the Secretary for obtaining such individual’s TIN.”
