For 2010, there is no federal estate tax. However the executors of estates where the taxpayer died in 2010 can elect to apply the 2011 exemption of $5,000,000, with a maximum estate tax of 35%. Different rules for the step up in cost basis apply in these two years, meaning some est...
Relief is also provided in the case of equity acquisitions even if the PPP loan is not fully satisfied or if a forgiveness application is not submitted (and an escrow account is not established) before the closing date in accordance with Section 1 or 2.a of the SBA notice. However, in t...
If you’re struggling to pay back your federal student loans, you may want to check your eligibility for any of the federal government’s forgiveness programs.
forgiveness rules applicable to corporations whose commercial debts are forgiven. Bankrupt individuals will continue to be exempt from the debt forgiveness rules. Bankrupt corporations would be subject to the reduction of their tax attributes upon debt forgiveness; however, as insolvent corporations, they...
Inflation Reduction Act and Student Debt Forgiveness: A new act lowers the federal deficit while also reinvesting into the economy and making healthcare more affordableCummings, BridgerJournal of Financial Planning
Consider a forgiveness tax credit for those who have previously paid rather than reward only those with current outstanding debt.
sells the loan to the SBA to realize on the SBA guarantee. The maturity date of the PPPLF’s extension of credit also will be accelerated to the extent of any loan forgiveness reimbursement received by the eligible borrower from the SBA. A PPP loan will be assigned a risk wei...
In March 2022, the Biden administration ordered the Department of Veterans Affairs to simplify the way it processes requests for medical debt forgiveness. Anderson took up the challenge as leader of the VA’s Veteran Online Debt Access Project. Anderson drove progress and cooperation on an enterpris...
This Act allows limited liability companies (LLC), S corporations, and partnerships—also known as pass-through entities (PTE)—the opportunity to claim a state income tax deduction on their federal income tax return for taxes paid to California. ...
Direct consolidation loan Note that a provision in theAmerican Rescue Planmakesall student loan forgivenessfederally tax-free from Jan. 1, 2021, to Dec. 31, 2025. Some states may tax the amount of a student loan forgiven as income. Direct Subsidized Loans These loans are given to students de...