In This Issue:
- 2021 Tax Forms Available Starting Late January
- Maximum Dollar Amount for Flower and Perishable Purchases Increased to $200
- In Case You Missed It: TXShop Service to Be Phased Out
- Submit Newsletter Feedback and Article Suggestions to AFM@austin.utexas.edu
2021 Tax Forms Available Starting Late January
Various tax forms issued by UT for 2021, including the W-2, 1099-NEC, & 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-NEC forms report non-employee compensation.
- 1099-MISC forms report miscellaneous payments to non-employee individuals and independent contractors.
The 1042-S, which will be available in late February, reports income paid to individuals that is exempt from taxation due to a tax treaty.
For employees who paid qualified tuition and fee expenses for University classes last year, the 1098-T will also be available in late January.
Maximum Dollar Amount for Flower and Perishable Purchases Increased to $200
After engaging with stakeholders and hearing feedback on the previous policy, the maximum dollar threshold for flowers and perishable items is increasing from $100 to $200. This change will provide colleges, schools, and units (CSUs) with greater flexibility when purchasing these items for things like events, celebrations, memorial events, condolences, and get-well messages. For more information, visit the Handbook of Business Procedures Part 9.1.1 Entertainment and Official Occasion Expenses.
In Case You Missed It: TXShop Service to Be Phased Out
The askUS TXShop team has announced plans to phase out the TXShop service over the next four years. Read the previous newsletter to learn more about this.
Submit Newsletter Feedback and Article Suggestions to AFM@austin.utexas.edu
Many thanks to the readers who have written in with suggestions and feedback about the newsletter. Please continue to write in with any suggestions for improvements or comments to the AFM@austin.utexas.edu email address.