News & Analysis as of September 20, 2024

Income Taxes › Tuition

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

Help Paying for College – Federal Tax Credits

Bowditch & Dewey on 2/27/2024

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

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

Rivkin Radler LLP on 11/9/2023

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

Recommending 529 Plans: Meeting Reg. BI’s Care Obligation

Morgan Lewis on 2/1/2023

529 Plans are state-sponsored investment programs that facilitate savings for qualified education expenses, including tuition, fees, room and board, and other education-related expenses. Unlike retirement accounts that...more

Family Education Trusts: Leave a Lasting Legacy For Your Heirs

Adler Pollock & Sheehan P.C. on 9/7/2021

Providing for the educational needs of your children, grandchildren and even future generations is an honorable estate planning objective. What are your options for achieving this goal? A 529 plan can be a highly effective...more

More Key Tax Provisions from the Consolidated Appropriations Act

Bowditch & Dewey on 1/21/2021

On December 27, 2020, Congress passed the 5,593 page Consolidated Appropriations Act. The “Act” includes several provisions and extensions of previously expiring provisions relevant to individual taxpayers: MEDICAL EXPENSE...more

Planning for College: Is a 529 Plan Right for You?

Mitchell, Williams, Selig, Gates & Woodyard,... on 8/11/2020

If you have children one of the things that you have likely thought about is how are you going to afford to send your child to college. The cost of attending college continues to rise, and as we continue to hear horror...more

Tuition Remission: If the Plan Discriminates, the Tax Consequences are Brutal

Bowditch & Dewey on 5/12/2020

One of the great perks of working at a private educational institution—university, college, or independent school—is the tuition remission for employees and their families. You know how expensive school tuition has become. So...more

Top 10 Tax Planning Tips for 2020

Chambliss, Bahner & Stophel, P.C. on 2/12/2020

Tax season is right around the corner, but good tax planning takes place all year long! See below for some of our favorite tips and tricks. These cover a variety of areas including charitable giving, estate tax exemptions,...more

Tax Cuts and Jobs Act – 529 Plan Changes for South Carolina

Burr & Forman on 1/30/2018

The new federal tax law, known as The Tax Cuts and Jobs Act, that was approved by Congress and signed into law at the end of 2017, creates a benefit for individuals paying tuition for children in private or religious schools...more

Proposed Tax Legislation - Highlights for Investment Funds

Dechert LLP on 12/20/2017

The final version of the proposed Tax Cuts and Jobs Act (the “Act”) was released on December 15, 2017. This legislation, unless amended again, is expected to be voted on this week in the U.S. House of Representatives and the...more

Tax Reform: Nonprofits and their Executives Brace for Impact

Sheppard Mullin Richter & Hampton LLP on 12/8/2017

The Senate voted yesterday to begin formal negotiations with the House of Representatives to reconcile their two versions of the Tax Cuts and Jobs Act, a bill that seeks to make sweeping changes to federal tax law....more

New Rules for Tax-Exempt Organizations in the Tax Cuts and Jobs Act

Proskauer - Not for Profit/Exempt... on 11/7/2017

House Republican Tax Bill Imposes Excise Tax on Wealthy Private Universities and Excess Compensation of Highly Paid Employees; Subjects State Pension Plans to UBTI Rules - On Thursday, November 2, House Republicans led by...more

Tax Reform Contemplates Changes to Employee Benefits

Proskauer - Employee Benefits & Executive... on 11/6/2017

The House Committee on Ways and Means publicly released a working draft of the Tax Cuts and Jobs Act for the first time on Thursday. In the weeks leading up to the release of the draft, speculation has swirled as to whether...more

Year End Tax Planning 2016

McNees Wallace & Nurick LLC on 12/8/2016

Proper year-end planning can help alleviate any unnecessary tax burden. While little happened in the way of tax legislation in 2016, there are certain tax breaks from which you may benefit and certain strategies that can be...more

Legislative Update

Brooks Pierce on 6/6/2016

Senate Passes Budget Bill (HB1030) - The State Senate passed its version of the 2016-17 spending plan this week, setting the stage for a conference committee to work out the differences between the two chambers’...more

Junior Goes to College! Innovative Strategies to Save for Your Children's College Education with Pre-Tax Dollars

Gerald Nowotny - Law Office of Gerald R.... on 9/17/2013

Overview - The cost of college tuition has gone through the roof. The average cost of a private university can range from $40,000-60,000 per year. The cost of a public university is a lot less in most cases except that...more

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Income Taxes › Tuition

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