Business Office Compliance Calendar Washington and Lee University Annual Calendar of Significant Reporting Compliance Activities

¹Many of the descriptions herein have been adapted from the Catholic University of America Office of General Counsel’s Compliance Calendar (located at: http://counsel.cua.edu/thebasics/compliance.cfm).

²W-2 and W-3 Forms
By Jan. 31 of the year succeeding the calendar year in which wages were paid to an employee, the employer must furnish the tax return copy and the employee's copy of Form W-2.

Employers must file Form W-2 for wages paid to each employee from whom income, social security or Medicare taxes were withheld or income tax would have been withheld if the employee had claimed no more than one withholding allowance or had not claimed exemption from withholding on Form W-4. Anyone required to file Form W-2 must file Form W-3 to transmit Copy A of Forms W-2. The employer must file these forms with the IRS by Feb. 28, or March 31 if filed electronically.

³Form 1098-E
Under I.R.C. § 6050S lenders, including most colleges and universities that participate in the Perkins Loan Program or operate institutional loan programs, must report student loan interest payments to the IRS. This is done by filing Form 1098-E, which must be filed with the IRS on or before February 28, or March 31 if filed electronically.The required statement to all persons who made student loan interest payments must be sent to the payor on or before Jan. 31 of the year following the calendar year in which the interest payments were received. The statement may simply be a copy of Form 1098-E.

⁴Form 1098-T
An institution or insurer must furnish a statement to each individual for whom it is required to file a Form 1098-T, on or before January 31 of the year following the calendar year in which payments were received, or amounts were billed, for qualified tuition and related expenses, or reimbursements, refunds, or reductions of such amounts were made. Form 1098-T must be filed with the IRS by February 28 (or March 31, if filed electronically) of the year following the calendar year during which payments were received.

⁵Form 1098
Mortgage Interest Supplement Used to report mortgage interest of $600 or more received from an individual. Due to be mailed to individuals by January 31 and to the IRS by March 15, if filed electronically.

⁶Form 1099-MISC
Used to report miscellaneous income for each person paid during the year: 1) At least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest; 2) At least $600 in rents, services (including parts and materials), prizes and awards, other income payments, medical and health care payments, crop insurance proceeds, cash payments for fish (or other aquatic life) purchased from anyone engaged in the trade or business of catching fish, or generally, the cash paid from a notional principal contract to an individual, partnership, or estate; 3) Any fishing boat proceeds; or 4) Gross proceeds to an attorney. Due to be mailed to individuals by January 31 and to the IRS by March 15, if filed electronically.

⁷Higher Education Act of 1965 and Higher Education Amendments of 1998
(Disclosure Requirements on Foreign Source Interests)

By January and July 31 of each year, a postsecondary institution must file a disclosure report about ownership or control by, or contracts with or gifts from foreign sources. The institution must make the disclosure by January 31 for the prior year July 1 to December 31, and by July 31 for the immediately preceding Jan. 1 to June 30 period.

Gifts and contracts of $250,000 or more (individual or in combination with other gifts from and/or contracts with the same foreign source) received or contracted within a calendar year must be reported to the Department of Education. This report must also be made available to the public during regular business hours (20 U.S.C. §1011f(e)). This disclosure report should contain the dollar amount of gifts received from and/or contracts entered into with a foreign source other than a foreign government, the amount of gifts received from or contracts entered into with a foreign government, and if the U.S. institution is owned or controlled by a foreign source, the identity of the foreign source, the date the foreign source gained ownership or control, and institutional program or structural changes that took place as a result of the change in ownership or control.

If a restricted or conditional gift and/or contract is received by an institution, the following must also be disclosed: 1) the amount, date, and description of the conditions and restrictions for gifts received from and/or contracts entered into with a foreign source (other than a foreign government) as well as country of citizenship and country of incorporation; and 2) the amount, date, description of conditions and restrictions, name of foreign governments for gifts received from and/or contracts entered into with a foreign government.

A "foreign source" is defined as: 1) a foreign government, or agency of a foreign government; 2) a legal entity, governmental or otherwise, created solely under the laws of a foreign state or states; 3) an individual who is not a citizen or national of the United States or a trust territory or protectorate thereof; and/or 4) an agent, including a subsidiary or affiliate of a foreign legal entity, acting on behalf of a foreign source.

⁸Form 1042/1042-S
Filing and Information Returns Form 1042-S is used to report all non-employee payments to non-resident aliens and payments to nonresident employees who claim exemptions from federal income taxes due to a tax treaty. (The taxable portion of payments to nonresident employees are reported on IRS Form W-2 in January.)

The institution must file Form 1042, and copies of all Forms 1042-S with the IRS by March 15 of the calendar year following the year in which the income was paid. In addition, Form 1042-S must be sent to each recipient of an amount subject to reporting by March 15 of the calendar year following the year in which the income was paid.

⁹Affordable Care Act: PCOR Fee Reporting and Payment
By July 31 of each year between 2013 and 2019 (for plan years ending on or after 10/1/12 and before 10/1/19), the university must file IRS Form 720 and pay applicable PCOR (Patient Centered Outcome Research Institute) fees for any covered self-insured plans, at the applicable rate ($1.00 per covered life for 2012, $2.00 for 2013, adjusted for inflation thereafter).

¹⁰Internal Revenue Code: Filing Form 990
Exempt organizations who do not fall under a statutory exception must file an annual return with the Internal Revenue Service. The return must be filed on or before the 15th day of the fifth calendar month following the close of the institution's fiscal year. As the fiscal year at W&L ends on June 30th, the return is due Nov. 15th of each year.

¹¹Internal Revenue Code: Tuition Payment Credit Reporting Requirements
If the institution does not have a record of the individual's correct TIN, then it must solicit the TIN on or before December 31.