1098T Services

Background
The Virginia Community College System (VCCS) is seeking to establish contracts for 1098-T Tuition Statement Services through a Request for Proposals (RFP).
The VCCS consists of 23 community colleges across Virginia, serving approximately 250,000 students annually.
The goal of this contract is to ensure compliance with IRS reporting requirements for the issuance of 1098-T forms, which are essential for tax reporting purposes.

Work Details
The successful offeror will be responsible for the following services:
1. Write programs to extract data from the Student Information System (SIS) to comply with IRS reporting requirements for each year of the contract.
2. Utilize PeopleSoft Campus Solutions functionality to configure, prepare, and generate 1098-Ts.
3. Produce mailings to students who are eligible to receive a 1098-T but do not have a Social Security Number (SSN) in SIS, soliciting their SSNs.
4. Print and mail 1098-T forms to recipients before the IRS reporting deadline each year, including international addresses if necessary.
5. Prepare and file all required data electronically with the IRS by the specified deadlines.
6. Provide web-based test data to ensure accuracy in reported information.
7. Maintain an archive of IRS files for audit purposes and provide unlimited reprints of 1098-Ts upon request from community colleges within 24 hours.

Period of Performance
The contract term is two years with three optional one-year renewals at VCCS's discretion.

Place of Performance
Services will be performed primarily in Virginia, specifically at various locations associated with the Virginia Community College System.

Bidder Requirements
Bidders must comply with all applicable laws and industry standards, including IRS regulations related to the issuance of 1098-T forms.
They must also provide proof of compliance with data security standards such as SOC 2 Type II certification or equivalent.