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 MoreThe 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.
The Florida Department of Revenue has issued a tax information publication informing corporate income taxpayers that beginning January 1, 2022, […]
Read MoreIn his 2023 State of the State Address, Florida Gov. Ron DeSantis proposed to provide a permanent sales and use […]
Read MoreThe IRS has offered a checklist of reminders for taxpayers as they prepare to file their 2022 tax returns. Following […]
Read MoreThe IRS has reminded taxpayers that they must report all digital asset-related income when they file their 2022 federal income […]
Read MoreThe IRS has issued a guidance which sets forth a proposed revenue procedure that establishes the Service Industry Tip Compliance […]
Read MoreThe 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 MoreFlorida Gov. Ron DeSantis, along with Senate President Kathleen Passidomo and House Speaker Paul Renner, have announced their intent to […]
Read MoreMonday, February 20, 2023, is a bank holiday, and as a result, taxpayers who electronically submit the January Florida sales […]
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