AFM News

AFM Newsletter for March 31, 2021

March 31, 2021

In This Issue:

  • New Compliance Requirements for GASB 87 and GASB 96
  • Financial Responsibility Statement for Students Goes Live in April
  • In Case You Missed It: Announcement Regarding Vouchers Related to Inclement Weather
  • Submit Newsletter Feedback and Article Suggestions to AFM@austin.utexas.edu

New Compliance Requirements for GASB 87 and GASB 96

Financial Responsibility Statement for Students Goes Live in April

March 30, 2021

The Financial Responsibility Statement (FRS) will go live for students in early April. It was developed in collaboration with Student Accounts Receivable, Enrollment Management and other Provost Office portfolios. The FRS is an agreement students will need to sign each semester and its purpose is to educate students about their financial obligations to pay tuition and fees while attending the university.

New Compliance Requirements for GASB 87 and GASB 96

March 30, 2021

AFM is in the process of collecting information in order to meet new requirements introduced through GASB 87 (leases) and GASB 96 (subscription-based information technology arrangements). We need the following information for contracts active as of September 1, 2020 in order to build a complete repository to reach compliance with the new requirements.

GASB 87 Lease Information:

AFM Newsletter for February 25, 2021

Feb. 25, 2021

In This Issue:

  • Announcement Regarding Vouchers Related to Inclement Weather
  • 2020 Tax Forms Now Available
  • Longhorn Textbook Access Pilot Program Being Tested
  • In Case You Missed It: AFM Hires Tax Director
  • Submit Newsletter Feedback and Article Suggestions to AFM@austin.utexas.edu

Announcement Regarding Vouchers Related to Inclement Weather

Longhorn Textbook Access Pilot Program Being Tested

Feb. 24, 2021

Over the years, a program that aims to help students reduce the cost of commercially published materials has been in the works. This program is called Longhorn Textbook Access (LTA) and is currently in its pilot phase for the spring semester.

2020 Tax Forms Now Available

Feb. 24, 2021

The 1099-MISC and 1099-NEC tax forms are now available to claim online via the My Tax Forms website in UT Direct. The 1042-S tax form will be available March 1.

The 1099-MISC reports miscellaneous payments to non-employee US residents. The 1099-NEC reports payments to non-employee US resident independent contractors. The 1042-S reports scholarship, cash prize and other income payments to nonresident individuals.

Announcement Regarding Vouchers Related to Inclement Weather

Feb. 24, 2021

UT Austin is tracking expenses and losses due to inclement weather to report for insurance and FEMA purposes.

AFM Newsletter for January 21, 2021

Jan. 21, 2021

In This Issue:

  • 2020 Tax Forms Available Starting Late January
  • AFM Hires Tax Director 
  • In Case You Missed It: Payroll Services Preparing for Issuance of 2020 W-2
  • Submit Newsletter Feedback and Article Suggestions to AFM@austin.utexas.edu

2020 Tax Forms Available Starting Late January

AFM Hires Tax Director

Jan. 20, 2021

On January 19, 2021, Lori Peterson, Executive Director of AFM, announced Kyle Zumberge will be UT Austin’s tax director within AFM effective February 1, 2021. Zumberge previously served as assistant general counsel specializing in taxation in the Office of General Counsel at UT System for over 14 years. As the tax director, Zumberge will be responsible for identification, analysis, communication, coordination and resolution of all federal, state and international tax issues for all UT Austin tax filings. 

2020 Tax Forms Available Starting Late January

Jan. 20, 2021

Various tax forms for 2020, including the W-2 and 1099-MISC, will be available starting late January. W-2 forms report wages paid to an employee and the taxes withheld for the year. 1099-MISC forms report miscellaneous payments to non-employee individuals and independent contractors.