Taxation of Student Loan Relief

When any type of loan is forgiven, the amount forgiven is called cancellation of debt (COD) and is taxable, unless specifically exempt.  As part of the American Rescue Plan of 2021, Congress enacted Section 108(f)(5) of the Internal Revenue Code to expand the types of student loan forgiveness that would not be treated as taxable […]

Inflation Reduction Act

President Biden signed into law The Inflation Reduction Act on August 16, 2022.  The key provisions are: Clean energy tax credits for homeowners – current tax credits for solar and wind power are extended to 2032; eligible homeowners could qualify for a 30% tax credit. Rebates for electric cars – Existing tax credits for the […]