Operational Notes & Procedures

• Audited financial statements are published after the close of each fiscal year (July 1 to June 30)

• In general, requests for Jefferson’s Taxpayer Identification Number (TIN) are made by payers in order for them to properly report information in connection with payments made to Jefferson
• Jefferson is exempt from Pennsylvania sales tax for most purchases directly related to its missions
• Even though Jefferson is tax-exempt, it may still be liable for tax on unrelated business income
• Annual IRS tax filings:
  • W-2 Tax and Wage Statement
  • 1099 Miscellaneous Income
  • 1098-T Tuition Statement
  • 1098-E Student Loan Interest Statement

Ensuring Success Tidbits

• Consult a professional tax practitioner for your personal income tax guidance or advice.
• If you receive IRS 1099 Miscellaneous Income from a supplier, forward to 1101 Market Street, Floor 20, Suite 2003.

Resources

• Discussion on Unrelated Business Income
• Discussion on Employee or Independent Contractor Determination
• IRS Forms and Publications