Is Forgiven Student Debt Taxable?

Is Forgiven Student Debt Taxable?

New laws allow a one-time debt relief (cancellation) of up to $20,000 for a Federal Pell Grant while in college or up to $10,000 if you didn’t receive a Federal Pell Grant in college but received another type of loan (see the U.S. Department of Education website for a listing of eligible loans). The debt relief applies only to loan balances you had before June 30, 2022. Parents with eligible student loans of their own can submit their own application for debt relief that will be processed separately from the one your child submits…

Updates for Next Tax Season

Updates for Next Tax Season

We have been spending the summer preparing for the upcoming tax season. Each year we see changes to tax law that increase the amount of time to complete each return. We also have many clients who don't receive all of their tax documents until mid-March or later. Since we have to assume an April 15 filing deadline, we have been reviewing our processes to determine the best way for our office to serve our clients within the current environment…