Student Loans & Debt Forgiveness

Discharged student loans not reported. Many changes to the tax code happen, and the economic cycle certainly plays a big role in that. When the economy is down, the government of the United States, and generally most all governments, try to acc... Read More

PPP loan forgiveness rules. Loan forgiveness requirements are the same for both the first and second batch of Payroll Protection Program payment loans. To receive full loan forgiveness, employers need to maintain staffing and compensation lev... Read More

Debt cancelled was not qualified debt. This is an article in our ongoing Tax Court education series. In the case of Weiderman v. Commissioner, the taxpayer found that simply using a loan to purchase a residence is not sufficient to make it into qu... Read More

A guide to ppp loan forgiveness. The borrowers loan forgiveness will equal the smallest of the following: Your PPP loan amount: the maximum loan forgiveness amount less any reductions from. The maximum loan forgiveness amount where eligible payrol... Read More

PPP loan forgiveness guide part two. The process to calculate the amount of loan forgiveness requires three steps. One, determine the maximum amount of possible loan forgiveness based on the borrower's expenditures during the 24 weeks after the lo... Read More

Guide to ppl loan forgiveness. Under the Paycheck Protection Program, PPL created by the CARES Act, loans may be forgiven if borrowers use the proceeds to maintain their payroll and pay other specified expenses. One of the single biggest ways the ... Read More

Virus bill has tax credits for employers. The Coronavirus relief bill signed by President Trump late Wednesday, among its many provisions, several tax credits for employers who provide paid sick leave or family or medical leave for their employees... Read More

Taxpayers qualify for student loan relief. The IRS extended its safe harbor relief from recognizing cancellation of debt (COD) income for students whose loans were discharged either because their schools were closed or as a result of some type of ... Read More

Debt cancellation. Debt cancellation usually results in a IRS 1099-C issued to the taxpayer for taxable income. The Mortgage Debt Forgiveness Act, which treated the debt forgiven on your primary residence as nontaxable income, expired on December ... Read More