News & Analysis as of

Internal Revenue Service Student Loans

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  
Verrill

Student Loans and Code Section 127 Educational Assistance Programs: A Reminder from the IRS, FAQs, and a Sample Plan Document

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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

Groom Law Group, Chartered

IRS Ruling Allows Employees to Choose Between Health, Retirement, and Student Loan Benefits

On May 20, 2024, the IRS issued private letter ruling (“PLR”) 202434006 (the “2024 PLR”) that permits employees to allocate an employer contribution among various benefits outside of a cafeteria plan. The IRS has previously...more

Seyfarth Shaw LLP

Major SECURE 2.0 Guidance Issued: Extra Credit for Repaying Qualified Student Loans

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Seyfarth Synopsis: On August 19, 2024, the IRS issued Notice 2024-63 (the “Notice”) providing guidance for plan sponsors that wish to provide matching contributions based on eligible student loan repayments made by...more

McGuireWoods LLP

IRS Gives Guidance on Student Loan Payment Matching Contributions

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IRS Notice 2024-63, published Aug. 19, 2024, provides interim guidance for plan sponsors on the SECURE 2.0 Act provision permitting employers to offer matching contributions to their retirement plans — including 401(k) and...more

Verrill

IRS Issues Guidance Addressing Matching Contributions on Student Loan Payments

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Section 110 of the SECURE 2.0 Act of 2022 (“SECURE 2.0”) permits employers maintaining a 401(k), 403(b), governmental 457(b), or SIMPLE IRA plan to make matching contributions based on qualified student loan payments...more

Keating Muething & Klekamp PLL

Benefits Monthly Minute - August 2024

The August Monthly Minute highlights new IRS guidance addressing student loan matching programs, HHS’s increases to civil monetary penalties and Form 5330 paper filing updates....more

Kilpatrick

IRS Issues Guidance on Employer Matching Contributions for Student Loan Repayments

Kilpatrick on

The SECURE 2.0 Act of 2022 (“SECURE 2.0”) permits employers to match student loan payments made by employees under 401(k), 403(b), governmental 457(b), or SIMPLE IRA plans in plan years beginning on or after January 1, 2024....more

Fleurinord Law PLLC

Understanding the Federal and State Tax Implications of Student Loan Forgiveness

Fleurinord Law PLLC on

The idea of student loan forgiveness has caught the attention of many borrowers and sparked lots of discussions. If you're wondering how this might affect your taxes, you're not alone. It's important to know the rules and...more

Groom Law Group, Chartered

IRS Issues FAQs on Educational Assistance Programs

On June 17, 2024, the IRS issued Fact Sheet 2024-22, which includes nine FAQs about educational assistance programs. The Fact Sheet also links to a sample program document for employers....more

Snell & Wilmer

IRS FAQs on Educational Assistance Programs Highlight an Opportunity to Provide Student Loan Assistance

Snell & Wilmer on

On June 17, 2024, the IRS issued a fact sheet (FS 2024-22) that provides answers to frequently asked questions (“FAQs”) about educational assistance programs under Section 127 of the Internal Revenue Code (“Code”). Employers...more

Bowditch & Dewey

Help Paying for College – Federal Tax Credits

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Education income tax credits are one way students and parents can help pay for college. There are two types of federal tax credits available to taxpayers: the American opportunity tax credit (AOTC) and the lifetime learning...more

Proskauer - Employee Benefits & Executive...

Notice 2024-02: IRS Offers Guidance on (Some) SECURE 2.0 Questions

Approximately one year after Congress enacted the SECURE 2.0 Act of 2022 (“SECURE 2.0”), the IRS issued Notice 2024-02, which addresses SECURE 2.0 implementation issues and extends the plan amendment deadline. Although...more

Snell & Wilmer

2023 End of Year Plan Sponsor “To Do” List (Part 3) Qualified Retirement Plans

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As 2023 comes to an end, we are pleased to present our traditional End of Year Plan Sponsor “To Do” Lists. This year, we present our “To Do” Lists in four separate SW Benefits Updates. Part 1 covered health and welfare plan...more

Rivkin Radler LLP

Activities Contrary to Public Policy – Revoking the Tax Exempt Status of Universities

Rivkin Radler LLP on

It appears that many of the country’s colleges and universities believe they have not already contributed enough to the decline of American education and to the erosion of our society, generally. These institutions of...more

Snell & Wilmer

2023 End-of-Year Plan Sponsor “To Do” Lists (Part 1) Health and Welfare

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We are pleased to present our annual End of Year Plan Sponsor “To Do” Lists. This year, we present our “To Do” Lists in four separate Employee Benefits Updates. This Part 1 covers year-end health and welfare plan issues....more

Holland & Hart - The Benefits Dial

Don’t Know Much About History … But I Do Know How Employers Can Help Their Employees With Student Loan Debt!

by Elizabeth Nedrow Employers try to provide a benefits package that employees appreciate and understand. Beyond the traditional offerings like 401(k), match, medical and dental, employers often try to be responsive to...more

Keating Muething & Klekamp PLL

What Employers Need to Know About SECURE 2.0

The Senate ushered in the New Year with a bang by passing SECURE 2.0 on December 22, 2022. SECURE 2.0 includes many updates to the sweeping changes brought about under 2019’s original SECURE Act legislation...more

Holland & Hart - The Benefits Dial

Money’s Too Tight to Mention…But Maybe a Student Loan Match Would Help

By now you have probably seen countless summaries of the recently enacted legislation that includes what is commonly known as SECURE 2.0. One of the new features that has been brewing for a while is the concept of a 401(k)...more

Foley & Lardner LLP

SECURE 2.0 Changes Rules for Retirement Plans

Foley & Lardner LLP on

SECURE 2.0 Act of 2022 (the “Act”) was signed into law by President Biden on December 29, 2022 (the date of enactment), as part of the larger government funding bill. The Act makes numerous changes affecting retirement plans....more

Clark Hill PLC

Window on Washington – Vol. 6, Issue 43

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Outlook for This Week in the Nation’s Capital - Congress. The House and Senate will return to DC this week for the lame duck session of the 117th Congress with continued funding of the government as the top priority. Current...more

Clark Hill PLC

Window on Washington – Vol. 6, Issue 41

Clark Hill PLC on

Outlook for This Week in the Nation’s Capital - Congress. The House and Senate are both out of session for the last week before the election. Debt Limit. According to the Bipartisan Policy Center, the U.S. won’t reach its...more

Brownstein Hyatt Farber Schreck

Taxation & Representation, September 13, 2022

LEGISLATIVE LOWDOWN - Recess Recap: What happened over the last month in the world of tax?   Congress Considers Options to Delay Impending Shutdown. With Congress unable to reach a consensus on appropriations bills for...more

Clark Hill PLC

Window on Washington – Vol. 6, Issue 38

Clark Hill PLC on

Outlook for This Week in the Nation’s Capital - Congress. Congress is in recess until November. The January 6th Committee will hold a public hearing on Thursday afternoon. Many expect the Committee to release an interim...more

McGlinchey Stafford

Student Loan Borrowers Beware: You May Owe State Tax on the Forgiven Debt Even If You Do Not Receive an IRS Form 1099-C

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As reported late last year, the IRS announced in Notice 2022-1 (Notice) that lenders are not required to, and should not, issue IRS Forms 1099-C when certain student loan debts are forgiven. The Notice was in response to...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

What New Student Loan Relief Means for Employee Benefits

​​​​​​​The Biden administration announced several student loan debt relief measures on August 24, 2022, including an extended loan repayment moratorium through December 31, 2022, and debt cancellation that will be available...more

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