Standard TaxSelect Time Line

October

In an effort to save a few trees (and your school money), Heartland ECSI will provide you with an email template that you can send to your students encouraging them to “opt-in” to receive their 1098-T Forms electronically.

 

At this time, we will also mail our Postage Payment Invoice to our clients for the upcoming tax season. This invoice represents approximately half the cost of our 1098-T TaxSelect Services (i.e. cost of U.S. postage).

 

We’ll also provide you with the IRS’ instructions for 1098-E and 1098-T for your review and we’ll monitor any regulatory changes and make the appropriate changes to help keep you in compliance with TRA-97 Regulations.

 

And, if you ‘re like most schools that are also utilizing our SSN and Name Validation Service to help reduce and/or eliminate future IRS Penalty Notices for missing or incorrect TIN/SSNs, we’ll ask for your SSN Input Data File so that we can quickly provide you with your SSN Response Data for Student Information System demographic information updates.

 

November & December

During this time, Heartland ECSI’s tax data file testing period is open for business, which means that you can provide us with your test data file and we’ll process your file and post the results on-line for your review and approval.

 

January

This is the time period for submitting your live 1098-T data production file. Upon receipt, Heartland ECSI will process your production file and post your results on the web for your final review and approval. We’ll also send you an electronic document to request your signature of approval prior to mailing out your original tax document forms. Upon receipt of your approval, we’ll mail your 1098-T forms within 3 business days to help keep you in compliance with IRS regulations.

 

January 31

This is the IRS deadline for mailing all 1098-T Tax Forms. At this time, we’ll also provide you with your final 1098-T invoice, which will include the remainder of your invoice for the current tax season.

 

February & March

This is the time frame for corrections, additions or deletions to your 1098-T Tax Forms. To help make life easier, ECSI provides functionality through our “Edit Tax Docs” feature that allows you to create, edit, delete and correct a tax form prior to our submission of your final, electronic 1098-T file to the IRS.

 

March 31

This is the IRS deadline for e-Filing the final production file on the IRS Website (corrections included). If applicable, all corrections to the final production file (after March 31st) will be submitted to the IRS on a monthly basis for the current tax year.

 

 

 

 

 

 

 

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