On August 28, the IRS issued IR-2024-227, reminding employers of the following key aspects of educational assistance programs under Internal Revenue Code Section 127: -They can be used to help reimburse the costs of or...more
The IRS has issued a new fact sheet (FS-2024-22) to address frequently asked questions about educational assistance programs (EAPs), also known as Section 127 plans....more
October is here. That means football is in full swing, pumpkin spice lattes are plentiful, and federal student loan payments will resume after being on pause since 2020. Employees with student loan debt are feeling the pinch...more
Congress created a temporary employee benefit under the CARES Act that allows employers to contribute up to $5,250 per year against employee student loan repayments. These payments can be excluded from taxable income and are...more
What better way to mark Veterans Day than to learn how you can assist a veteran in need? Please join us for The Veterans Consortium (TVC) Pro Bono Program’s Volunteer Attorney Training on Thursday, November 11 from 11 a.m....more
The Coronavirus Aid Relief and Economic Security Act (the “CARES Act”), signed into law on March 27, 2020, provides employers with a new mechanism to assist their employees with repayment of student loans. Section 2206 of the...more
A new rule under the CARES Act could be beneficial for employees with outstanding student loan debt, and even provide some cost savings for employers as well. The CARES Act expanded the scope of Educational Assistance...more
The CARES Act gives employers a way to pay employees’ student loan debt on a pre-tax basis during a portion of 2020 through an educational assistance program under Section 127 of the Internal Revenue Code (“Code”)....more
The U.S. Department of Education (DOE) recently launched investigations into at least a half dozen top research institutions for failing to disclose foreign-sourced gifts or contracts. Under section 117 of the Higher...more
In early November, I posted an article entitled “Tax Reform Proposal Nixes Favorable Tax Treatment of Several Employee Benefits”. That article reviewed the Ways and Means Committee’s proposal (H.R. 1, the Tax Reform and Jobs...more
Rows of HousesEducation plays a critical role in all aspects of life, specifically for low-income families and their ability to achieve economic self-sufficiency. Low-income families often find themselves with limited access...more
Two important federal laws protect the privacy rights of all students: the Family Educational Rights and Privacy Act of 1974, 20 U.S.C. 1232g, “FERPA” and Protection of Pupil Rights Amendment, 20 U.S.C. §1232h, “PPRA.” Both...more
On January 2 , 2013, President Obama signed the American Taxpayer Relief Act of 2012 (H.R. 8) (the “Relief Act”) into law. While the principal intention of the Relief Act was to avert the key elements of the “fiscal cliff” by...more
On January 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012 ("ATRA") into law. ATRA, adopted as an alternative to stepping over the "fiscal cliff," preserves most of the Bush-era tax cuts and...more
Summary - President Obama on January 2, 2013 signed into law the American Taxpayer Relief Act of 2012 (the “Act”). The Act extends certain tax rates, tax credits, and other provisions previously enacted by other tax...more
Well, Congress in the season of giving has provided plan sponsors and participants with multiple beneficial opportunities to start 2013. Congress passed the American Taxpayer Relief Act of 2012 (H.R. 8), also known as the...more
As most everyone knows by now, Congress adopted, and President Obama signed, legislation – the American Taxpayer Relief Act (the "Act") – that resolves many elements of the so-called "fiscal cliff," i.e., the various tax...more
At the end of last year, we alerted you that the beneficial tax treatment of educational assistance programs under Section 127 of the Internal Revenue Code (the Code) pursuant to which an employer pays, or reimburses, an...more
There is an impending change in the tax treatment of educational assistance programs under which an employer pays, or reimburses, an employee for up to $5,250 in educational assistance under a written plan of the employer. As...more