News & Analysis as of

Internal Revenue Code (IRC) Student Loans

Husch Blackwell LLP

Executive Order Highlights Risks to Nonprofit Tax-Exempt Status

Husch Blackwell LLP on

President Trump’s executive order (EO) “Restoring Public Service Loan Forgiveness,” issued March 7, 2025, sets limits on student loan forgiveness under the Public Service Loan Forgiveness (PLSF) program. But the language used...more

Dorsey & Whitney LLP

The Supreme Court Update - January 13, 2025

Dorsey & Whitney LLP on

On January 10, 2025, the Supreme Court of the United States granted certiorari in three cases: Becerra v. Braidwood Management, Inc., No. 24-316: This case addresses the constitutionality of the U.S. Preventive Services...more

Littler

Unlocking New Benefits: Is the SECURE 2.0 Student Loan Match Right for Your Workforce?

Littler on

Employers now have a new benefit option in their toolbelt: The Qualified Student Loan Payment (QSLP) match. But is it worth implementing? Before diving into the specific legal requirements for a QSLP match program, this...more

Verrill

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

Verrill on

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

Patterson Belknap Webb & Tyler LLP

Interim Guidance on Matching Qualified Student Loan Payments

Until recently, employer matching contributions under qualified plans were required to be conditioned solely upon employee contributions made to the plan. However, one of the many changes enacted by the Consolidated...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

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

Bricker Graydon LLP

I’ll Gladly Pay You Tuesday for an Education Today

Bricker Graydon LLP on

One of the many elements of business ownership and management is attracting and retaining productive employees. Offering the right mix of employee benefits tailored to your employee population can play an important role in...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

Harris Beach Murtha PLLC

Enhancing Retirement Readiness Using Employer Matching Contributions on Qualified Student Loan Payments

Harris Beach Murtha PLLC on

Many employees who have had to resume repaying their federal student loans this month may find it harder to continue contributing to their employers’ retirement plans. For some employees, there simply is no room in the family...more

Harris Beach Murtha PLLC

Employers’ Educational Assistance Programs Can Help Pay Employees’ Student Loans Until December 31, 2025

The IRS recently issued a “Tax Tip” reminding that employers that offer IRC Section 127 educational assistance programs can use those programs until December 31, 2025, to pay principal or interest on any “qualified education...more

Foley & Lardner LLP

Diving Into SECURE 2.0: Student Loans and 401(k) Plan Matching Contributions

Foley & Lardner LLP on

The SECURE 2.0 Act of 2022 (SECURE 2.0) significantly changes the legal and administrative compliance landscape for U.S. retirement plans. Foley & Lardner LLP is authoring a series of articles that take a “deep dive” into key...more

Proskauer - Employee Benefits & Executive...

SECURE 2.0 Opens the Door on Retirement Match Based on Student Loan Payments

The grab bag of retirement provisions in the SECURE 2.0 legislation that was enacted at the end of 2022 included an expansion of the ability for a section 401(k) or 403(b) plan, or a governmental section 457(b) plan, to...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

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

McGlinchey Stafford on

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

McGlinchey Stafford

IRS Says No Form 1099-C Required for Certain Student Loan Discharges

McGlinchey Stafford on

Acting to clarify the practical impact of a COVID relief provision enacted earlier this year, the IRS has announced in Notice 2022-1 (Notice) that lenders are not required to, and should not, issue Forms 1099-C when certain...more

Gould + Ratner LLP

The Latest COVID-19 Stimulus: Highlights of Key Tax Provisions in the American Rescue Plan Act of 2021

Gould + Ratner LLP on

The American Rescue Plan Act of 2021 (ARPA, 2021) was signed by President Biden on March 11, 2021 to address the continuing economic impact on employers and employees the coronavirus (COVID-19) pandemic has posed. The ARPA...more

ArentFox Schiff

Key Tax Provisions of $1.9 Trillion COVID-19 Aid Package

ArentFox Schiff on

At $1.9 trillion, the American Rescue Plan Act of 2021, signed into law by President Biden on March 11, 2021, is the largest aid package passed by Congress since the start of the pandemic. With the Rescue Act, Congress hopes...more

Spilman Thomas & Battle, PLLC

Employer-Provided Student Loan Repayment Assistance Approved by Congress

When the Consolidated Appropriations Act ("CAA"), 2021, was signed into law by Donald Trump on December 27, 2020, it meaningfully opened the door for employers to assist employees with student loan debt. The CAA authorized...more

Goodwin

Biden Administration Issues Regulatory Freeze On New Agency Rules

Goodwin on

In this Issue. In one of its first acts after being installed on January 20, the Biden Administration issued a regulatory freeze on new agency rules that have been adopted but are not yet effective; in one of its final acts...more

Epstein Becker & Green

Under the Heroes Act, Employers can Help Pay your Student Loans

Epstein Becker & Green on

On December 27, 2020, President Donald Trump signed into law a $900 billion pandemic relief bill that provides extended relief for qualified student loan borrowers. Known as the “Heroes Act,” the stimulus package is a win for...more

Bradley Arant Boult Cummings LLP

5th Circuit Joins the Growing Crowd Holding that Private Student Loans May be Dischargeable in Bankruptcy

The Fifth Circuit’s recent decision in Crocker v. Navient Solutions is a stark reminder to for-profit student lenders and servicers that bankruptcy caselaw continues to evolve relating to discharge. In Crocker, the Fifth...more

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

Student Loan Repayments or Retirement Savings? Maybe Both . . .

Recent statistics show that approximately 70 percent of college graduates will leave college with an average of at least $30,000 in student loan debt. Cumulatively, the national student loan debt is approximately $1.5...more

Spilman Thomas & Battle, PLLC

The Way of the Future: Student Loan Benefit Plans

According to a recent study, Americans currently owe approximately $1.4 trillion in student loan debt. With increasing pressure to pay off student loans, some employees choose not to contribute to retirement programs offered...more

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