Tax Alerts

Tuition Debt Relief Will Not Be Taxable Income

The recently announced tuition debt relief program will not add to the tax burden of individuals who are able to take advantage of the program, the White House said.

“Thanks to the American Rescue Plan, this debt relief will not be treated as taxable income for the federal income tax purposes,” the White House stated in an August 24, 2022, fact sheet describing the latest tuition debt relief program.

According to the fact sheet, the new program will provide up $20,000 in debt cancellation to Pell Grant recipients with loans held by the Department of Education and up to $10,000 in debt cancellation to non-Pell Grant recipients. The program is open to borrowers with individual incomes of up to $125,000 or up to $250,000 for married couples.

“No high-income individual or high-income household – in the top 5 percent of incomes – will benefit from this action,” the fact sheet states.

Federal student loan payments will continue to be paused through the end of 2022.

The American Rescue Plan, signed into law in March 2021, allows an individual to exclude from gross income the amount of qualified student loans cancelled or discharged from 2021 through 2025. Qualified student loans include loans for post-secondary education provided by the government or educational institutions; private education loans, and original and refinanced loans from tax-exempt organizations with a public service requirement; and refinanced loans. The exclusion does not apply to private education loans from tax-exempt organizations if the discharge is on account of services provided to the lending organization.

FL - Electronic filing of partnership information returns (Form F-1065) available

The Florida Department of Revenue has issued a tax information publication informing corporate income taxpayers that beginning January 1, 2022, […]

Read More
FL - Electronic filing of partnership information returns (Form F-1065) available

FL - Governor proposes permanent exemption on baby supplies

In his 2023 State of the State Address, Florida Gov. Ron DeSantis proposed to provide a permanent sales and use […]

Read More
FL - Governor proposes permanent exemption on baby supplies

IRS Offers Checklist of Reminders as Taxpayers Prepare to File 2022 Tax Returns (IR-2023-17)

The IRS has offered a checklist of reminders for taxpayers as they prepare to file their 2022 tax returns. Following […]

Read More
IRS Offers Checklist of Reminders as Taxpayers Prepare to File 2022 Tax Returns (IR-2023-17)

IRS Reminds Taxpayers to Report Digital Asset-Related Income (IR-2023-12)

The IRS has reminded taxpayers that they must report all digital asset-related income when they file their 2022 federal income […]

Read More
IRS Reminds Taxpayers to Report Digital Asset-Related Income (IR-2023-12)

IRS Proposes New Service Industry Tip Compliance Agreement (SITCA) Program (Notice 2023-13)

The IRS has issued a guidance which sets forth a proposed revenue procedure that establishes the Service Industry Tip Compliance […]

Read More
IRS Proposes New Service Industry Tip Compliance Agreement (SITCA) Program (Notice 2023-13)

IRS Reminds Taxpayers to FIle Tax Returns (FS-2023-2)

The IRS has reminded taxpayers of their tax responsibilities, including if they’re required to file a tax return. Generally, most U.S. citizens and permanent […]

Read More
IRS Reminds Taxpayers to FIle Tax Returns (FS-2023-2)

FL - Governor proposes tax relief as part of his "Framework for Freedom" budget

Florida Gov. Ron DeSantis, along with Senate President Kathleen Passidomo and House Speaker Paul Renner, have announced their intent to […]

Read More
FL - Governor proposes tax relief as part of his "Framework for Freedom" budget

FL - Bank holiday affects electronic return and payment deadline

Monday, February 20, 2023, is a bank holiday, and as a result, taxpayers who electronically submit the January Florida sales […]

Read More
FL - Bank holiday affects electronic return and payment deadline

FL - Motor vehicle sales tax rates announced

Florida has announced the motor vehicle sales tax rates by state as of January 18, 2023. Florida law allows a […]

Read More
FL - Motor vehicle sales tax rates announced

FAQs Released on Energy Efficient Home Improvements and Residential Clean Energy Property Credits, FS-2022-40

The IRS has released frequently asked questions (FAQs) about energy efficient home improvements and residential clean energy property credits. The […]

Read More
FAQs Released on Energy Efficient Home Improvements and Residential Clean Energy Property Credits, FS-2022-40