Submitting tax records just got easier for student financial aid candidates

A new convenience for families of college students submitting the Free Application for Federal Student Aid (FAFSA) online might come at the expense of accountants who currently provide related services to their clients.

It is now possible for families to electronically submit 2010 tax information from the Internal Revenue Service to the FAFSA online form through the agency's Service Data Retrieval Option.
 
The applicant completing the FAFSA authorizes the secure data exchange by clicking yes to the option asking if income information can be transferred from the IRS Web site onto the FAFSA application, Mike Miller, director of UCSB Financial Aid, told the Santa Barbara Independent.
 
Tax information can be submitted approximately two weeks after taxpayers receive IRS confirmation that their return was received. People who cannot file until mid-February because of recent changes to the tax laws will not have access to the information until the end of the month, according to The Wall Street Journal.
 
State and federal deadlines for college students to apply for financial assistance are quickly approaching, with some as early as February 15.
 

Related articles:

You may like these other stories...

Event Date: October 21, 2014, 2 pm ETKristen Rampe will share how to speak and write more effectively by understanding your own and your audience’s communication style. When two people have very different communication...
Majority of House of Representatives urges leadership to preserve cash method of accounting for tax purposesA bipartisan majority of the House of Representatives – 233 members – has signed a letter urging House...
Tax friendly trusts swell under new rulesUS companies are latching onto an obscure real estate provision to avoid corporate taxes, widely adopting a financial maneuver that has been expanded under the Obama administration,...

Already a member? log in here.

Upcoming CPE Webinars

Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.
Sep 30
This webcast will include discussions of important issues in SSARS No. 19 and the current status of proposed changes by the Accounting and Review Services Committee in these statements.
Oct 21
Kristen Rampe will share how to speak and write more effectively by understanding your own and your audience's communication style.
Oct 23
Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.